Articles by Darin Tyson-Chan

Regulation

ATO sees TBC review as unlikely

Transfer balance cap review

The government is unlikely to review the transfer balance cap in the short term in response to the coronavirus’s effect on SMF asset values, the ATO has said.

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Business News

La Trobe assists with COVID-19 treatment

La Trobe Financial coronavirus

Epworth Hospital has received a $1 million donation from La Trobe Financial to enable the purchase of more ICU equipment to treat individuals infected with the coronavirus.

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ATO, Documentation

ATO to tailor lodgement deferral

SMSF return lodgement

The ATO has revealed its compliance approach to SMSFs requiring a time extension for their annual return lodgement obligations.

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Documentation, Superannuation

SMSFA seeking COVID-19 clarity

SMSF Association coronavirus ATO

More relief measures to ease the impact of the coronavirus pandemic are being discussed between the SMSF Association and ATO.

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Education, FASEA

FASEA recognises additional coursework

FASEA coursework

New coursework has been approved by the Financial Adviser and Ethics Authority as evidence some of the new professional education requirements have been satisfied.

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Superannuation

SMSFA suggests prudent early release use

early access superannuation

Individuals should use the government’s coronavirus financial relief measure allowing early access to superannuation benefits sensibly, an industry body has advised.

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Pensions

Pension overpayment treatment can’t be ad hoc

Pension overpayment

SMSF documentation cannot be drafted on the spot in an effort to allow pension overpayments to be treated as commutations, a technical expert has said.

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Regulation, Superannuation

Temp incapacity has limited use

temporary incapacity

There is a catch to using the temporary incapacity provisions contained in the superannuation regulations to compensate for loss of income due to COVID-19, a technical expert has said.

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Superannuation

If in doubt, take total super relief

superannuation relief coronavirus

Clients should be advised to withdraw the full amount allowable from their superannuation fund early if this COVID-19 relief measure is required, a technical expert has said.

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ATO, Property

SMSFA applauds ATO rent stance

ATO rent reduction

The ATO’s approach toward compliance regarding rental reductions for SMSF-held properties due to the financial impact of COVID-19 has been endorsed by the SMSF Association.

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