Articles by Darin Tyson-Chan

Auditing

Audit partners in firing line

Specific senior executives from accounting firms should be wary if their organisation breaches the new auditor independence standards, a specialist practitioner has said.

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ATO, Property

Rent relief determination close

Rent relief determination

A legislative instrument determination from the ATO is imminent to address in-house asset-related issues arising from situations where SMSF landlords have granted rent relief to related-party tenants.

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ATO, Documentation

Asset valuation breaches spike

Asset valuation breaches SMSF

Compliance breaches regarding the valuation of SMSF assets have risen significantly over the past few years, the ATO has revealed.

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Superannuation

Small SMSFs develop rapidly

low balances SMSFs

The latest industry research has shown SMSFs with low balances grow to levels allowing them to become cost-efficient very quickly.

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Superannuation

SMSFs are cost-competitive

SMSFs running costs

SMSFs with balances of $200,000 or more are as cost-effective as public offer funds, new research has shown.

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Retirement, Superannuation

Industry bodies highlight specific report areas

The financial services industry bodies have highlighted specific areas of the Retirement Incomes Review for specific scrutiny but have all in the main welcomed the report.

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Residential Property, Superannuation

Changes needed for equity release solution

Certain aspects of the domestic financial aspect have to change if the home equity release is to play a larger role in people’s retirement incomes as suggested in the government’s Retirement Income Review, a university professor has said.

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Appointments

New vice chair for SMSF Association

The SMSF Association has appointed Michael Houlihan as its new vice chair.

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Pensions

Death benefits don’t need cash

The cashing of a death benefit can be executed using an in-specie transfer, a technical services manager has said.

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Auditing

Trustees have SAN misuse duty

SMSF trustees have been reminded by the ATO it is their responsibility to ensure their fund has not fallen foul of tax agents misusing SMSF auditor numbers.

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