Articles by Darin Tyson-Chan

Pensions

ECPI impacts tax loss treatment

ECPI tax loss

SMSF tax losses carried forward from a prior year will need to take into account the calculation of exempt current pension income if the proportionate method has been used to do so, a technical leader has said.

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Pensions, Superannuation

Severe hardship rules can offer better relief

severe financial hardship rules

Invoking the severe financial hardship provisions to access super benefits early instead of starting a pension to do so may be strategically advantageous for individuals who have reached preservation age, an industry expert has said.

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Pensions, Tax

Proportionate ECPI method emphasises timing

Proportionate ECPI

The proportionate method of calculating exempt current pension income makes the timing of SMSF transactions significant, a technical expert has said.

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Regulation

Regulation changes top concern

SMSF regulations

Changes to regulations and rules affecting SMSFs and not the coronavirus present the biggest worry for trustees, new research has revealed.

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Superannuation

Early release should be in cash

early release in-specie

SMSFs should not be looking to make any COVID-19 early super release payments in the form of an in-specie transfer if the fund is suffering from liquidity issues, an industry specialist has said.

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ATO, Tax

Div 7A interest must be separate

division 7a interest

A technical specialist has warned the interest charged on Division 7A loans cannot be treated as it is with other borrowing facilities under the coronavirus relief measures.

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Administration, ATO, Documentation

ATO spells out supervisory levy requirements

SMSF supervisory levy

The ATO has moved to better explain some variations to the annual supervisory levy SMSF trustees are required to pay when they lodge the fund’s annual return.

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Accounting

ATO prepares for member rise

six-member SMSFs

The ATO is preparing to accommodate the legislative change that will allow a maximum of six people to be members of an SMSF.

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Superannuation

SMSF numbers to get COVID-19 bump

SMSF establishments COVID

The number of SMSF establishments is likely to increase as a result of the COIVD-19 pandemic, industry research has shown.

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ATO, Superannuation

ATO on SAR lodgement warpath

SMSF annual return lodgement

The ATO has issued a stern warning to the entire SMSF sector over funds that either have not lodged or are late in lodging the requisite annual return.

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