Articles by Darin Tyson-Chan

Financial Planning

COVID-19 redefines value of advice

COVID value of advice

How the value of advice is defined should be one of the legacies arising from the coronavirus pandemic, the head of an industry body has said.

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Superannuation

Cap indexation likely in 2021

concessional contributions cap indexation

The process of indexation is likely to be applied to the concessional contributions cap from 1 July 2021 due to the effect of COVID-19, a sector specialist has said.

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Superannuation

Multiple accounts cloud stapled super rule

Multiple accounts stapled super

A technical expert has questioned how the existence of multiple retirement savings accounts for one person will affect the new stapled super rule announced in the budget.

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Auditing

Routine and mechanical bar set extremely high

Routine mechanical SMSF audits

Proving the administration and accounting functions for an SMSF are being performed in a routine and mechanical fashion will be very difficult given the evidential standard the ATO has imposed on the sector.

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Financial Planning

Biggest problem not poor advice

poor financial advice

The leading SMSF body has identified the issue of not receiving financial as more serious than the delivery of poor advice.

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Superannuation

Budget may boost SMSF appeal

SMSF appeal

A number of the 2020 federal budget announcements have the potential to strengthen the appeal of SMSFs, some technical experts have predicted.

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Auditing

New entities can’t duck audit independence standards

SMSF auditor independence standards

Newly established audit firms will not be considered as a legitimate vehicle facilitating compliance with the new auditing independence standards if they are formed only to service SMSF clients of the accounting practice for which the founders previously worked, the regulator has warned.

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Superannuation

SMSFA conducting cost research

cost running SMSF

New sector research into the cost of running an SMSF is currently being performed by the SMSF Association with a planned release in November.

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Superannuation

Early release triple hit possible

early super release penalty

Trustees who breach the COVID-19 economic relief measure in the 2020/21 financial year potentially face an adverse outcome that includes a triple penalty, a technical expert has said.

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ATO, Pensions

No leeway on overpaid pensions

minimum pension payments

Formal elections made at the start of the 2019/20 financial year as to the treatment of payments made above the minimum pension are unlikely to allow any re-classification of drawdowns in excess of the COVID-19 reduced threshold, a senior executive at an industry body has indicated.

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