Articles by Darin Tyson-Chan

Documentation, SMSF

All new client docs need reviewing

SMSF documents

Practitioners need to sight and review all relevant SMSF documents and not just those that are easy to access when looking take on a new client.

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NALI/NALE, Tax

Scheme needed to trigger NALI

Non-arm's-length expenditure Non-arm's-length income NALE NALI Scheme Income Tax Assessment Act (ITAA)

In determining if an SMSF has a NALI or NALE issue, it must first be established if a scheme exists with the arrangement in question.

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Tax

Tax write-offs for scams possible

SMSF Self-managed superannuation Heffron Lyn Formica investment scam tax deduction capital loss

Favourable tax treatment may be available to SMSF members who have been victims of an investment scam in certain circumstances.

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NALI/NALE, Tax

NALI penalises all capital gains

Non-arm’s length income NALI Capital gains SMSF Self-managed superannuation IFPA Natasha Panagis

An example included in TD 2024/5 has shown how the NALI provisions can affect all SMSF capital gains realised in a particular income year.

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Education

New initiative for FAR educational obligations

SMSF Association Deakin University AccountantsIQ Financial Adviser Register Education SMSF Specialist Advisor Program Bronny Speed

A new initiative has been made available to assist practitioners in meeting the Financial Adviser Register educational obligations.

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Tax, TPB

Updated tax agent bill tabled in parliament

Tax agents code of professional conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones IFPA SMSF Association amendment

An amended bill dealing with the proposed changes to the code of professional conduct for tax agents has been tabled in parliament.

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Compliance, TPB

Tax agent code needs more attention

Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones Treasury Amendments Joint bodies IFPA SMSF Association CA ANZ CPA Australia FAAA

More work is needed before the final version of the Tax Agent Services (Code of Professional Conduct) Determination 2024 can be seen as satisfactory.

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Business News, Education

Course content completion date revealed

Heffron Super Extension Meg Heffron Super Intensive Day Super Foundations Education course

Heffron has announced when it expects all of the educational content formulated for its Super Extension course to be completed.

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Death benefits

Assets key in benefit payment timing

SMSF auditor SMSF assets Self-managed superannuation BDO Shirley Schaefer death benefit payments

The entire circumstances relating to SMSF assets need to be considered in determining the realistic timeline applied to death benefit payments.

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Auditing, Insurance

Auditor PI cover familiarity needed

Professional indemnity insurance PI insurance SMSF auditor DBA Lawyers Bryce Figot

SMSF auditors should check their PI insurance policy to determine if it will cover costs arising from a regulator’s review.

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