Articles by Darin Tyson-Chan

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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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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