Articles by Darin Tyson-Chan

ATO, Superannuation

myGov anomalies not absolute

myGov early access super

SMSF trustees should still be able to access their super benefits early under the COVID-19 financial relief measures, even if their myGov account is indicating their funds are invalid, a technical expert has said.

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Retirement

Retirees have to assess capital differently

retirees income capital

The COVID-19 pandemic’s effect on investment markets will force retirees to consider capital pools with regard to their income requirements, a senior financial services executive has said.

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Pensions

Call for market-linked pension fix

market-linked pension

The SMSF Association has asked the ATO to use its discretionary powers to correct an irregularity in the transfer balance account debit calculation when market-linked pensions are commuted.

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Superannuation

COVID-19 to spur SMSF growth

SMSF growth

The coronavirus pandemic is likely to boost the number of SMSFs as people re-examine their financial affairs in the wake of the virus crisis.

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Financial Planning

Specialist advice needed more than ever

specialist SMSF advice

The SMSF Association has stated there has never been a more critical time for trustees to receive specialist SMSF financial advice.

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ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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Direct Property, Property

LRBA property count now required

LRBA property count

SMSFs holding property under a limited recourse borrowing arrangement (LRBA) have a new reporting property count requirement on the 2020 annual return.

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Administration, Documentation

Annual return sign-off timing important

SMSF annual return sign-off

The procedural timing for the sign-off of an SMSF annual return is critical and carried out incorrectly can result in compliance issues and penalties.

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Administration, Superannuation

COVID-19 residency relief exists

residency status SMSF return

COVID-19 relief exists for the rules governing the definition of an Australian super fund, eliminating the need to report a change in residential status on the 2020 SMSF annual return, a technical expert has said.

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