Articles by Darin Tyson-Chan

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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Compliance

Compliance to assess incapacity

ATO trustees incapacity

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees.

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Business News

Seamless SMSF strengthens team

Seamless SMSF

Seamless SMSF has appointed the former partner of a big four accounting firm to its sales team.

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Auditing

Auditors lift process intensity

SMSF auditors

Auditors have upped their intensity since the ATO sent out letters last year questioning the investment strategies of SMSFs, a senior executive in the sector has said.

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ATO, Education

ATO trustee course takes shape

Trustees course

An SMSF trustee competency assessment is currently being finalised by the ATO.

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Property

Rent relief instrument imminent

SMSF landlords rent relief

The regulator’s compliance approach to COVID-19 driven rent relief provided by SMSF landlords will shortly be legally formalised.

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Regulation, Superannuation

Anticipating law change unwise

non-concessional contribution bring forward

SMSF members should not implement any strategies taking advantage of impending changes to the non-concessional contributions bring forward before the legislation containing the amendments is passed, an industry body has said.

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Auditing

Internal controls key audit item

Internal controls

The internal controls of an SMSF need to be taken into account when performing an audit, regardless of the type of audit being carried out, a specialist practitioner has said.

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