Articles by Darin Tyson-Chan

Auditing

Accounts move blindsided sector

SMSFs financial statements

The proposal to require SMSFs to prepare their financial statements 45 days before the fund’s annual return is due to be lodged took the sector by complete surprise, an industry service provider has said.

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Administration

Arrears contribution glitch arises

contributions arrears SG amnesty

A technical manager has revealed contributions made in arrears due to the super guarantee amnesty are causing problems for some SMSFs.

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Superannuation

SG decision to be made closer to deadline

SG levy decision

An increase in the super guarantee levy may still go ahead at the scheduled time, but a decision on the matter will not be made until the first half of next year, a government minister has said.

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Administration, Superannuation

Better SMSF insights to come

SMSF running costs

New research into fund running costs will soon be released by the SMSF Association to coincide with its SMSF week initiative.

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Documentation, Strategy

Joint ventures need proper structure

joint venture structure SMSF

A specialist legal firm has emphasised the need for joint venture arrangements involving an SMSF to be structured properly to avoid being caught by the in-house assets rule.

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Strategy

Non-cash recontributions tricky

Non-cash recontribution

A specialist adviser has recommended advisers looking to implement a withdrawal and recontribution strategy for an SMSF be wary when the process involves assets other than cash.

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ATO, Auditing, Documentation

Accounts deadline action needed

SMSF accounts deadline

A specialist auditor has labelled the proposed new deadline for the preparation of SMSF accounts and statements as impractical and has called on practitioners to oppose the change.

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Superannuation

SMSFA optimistic about fund member bill

six member SMSFs

The SMSF Association is confident the bill increasing the maximum number of SMSF members from four to six will be passed.

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Insurance

Correct insurance transfers a must

SMSF life insurance transfer

Any transfers of risk insurance from an individual to an SMSF must be legitimate due to the severity of penalties resulting from breaches related to these transactions.

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Accounting, Tax

Accounting method not Part IVA

Accounting method Part IVA

A technical manager has allayed adviser fears over the use of tax-effect accounting in an SMSF being captured under Part IVA provisions of the Income Tax Assessment Act.

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