Articles by Darin Tyson-Chan

ATO, Auditing

Online auditor guidance pending

ATO auditor guidance

A specialist practitioner has revealed the ATO is looking to post more guidance on its website to help accountants deal with the amended auditor independence standards.

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Insurance

Split policy a TPD solution

TPD SMSF

An SMSF specialist has suggested a split total and permanent disablement insurance policy can allow cover to be held in the fund while ensuring policy definitions not allowable under super law are contained in it.

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Auditing

Private company valuations tricky

Private company valuations

A specialist practitioner has identified valuing SMSF holdings in private companies and unlisted unit trust as being a problematic area for auditors with regard to the annual returns of funds.

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Insurance, Superannuation

Tax benefit no risk cover reason

life insurance SMSF

A technical mentor has warned against using tax deductions and cash-flow convenience as justification to hold insurance cover within an SMSF.

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Business News

Martin Heffron passes away

Martin Heffron

Heffron executive director and co-founder Martin Heffron has passed away.

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Retirement

Better retirement income knowledge needed

retirement income knowledge

The Retirement Income Review finding that improving people’s understanding of three key elements of the current system will lead to better decumulation outcomes has been endorsed during an industry discussion forum.

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Financial Planning

New adviser body imminent

SMSF industry body

SMSF practitioners providing specialised advice covering three specific issues will soon have a new industry body to represent and support them.

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Documentation

E-signing protocols needed

Electronic signature protocols

The ATO has confirmed trustees will have to ensure proper protocols are followed when using electronic signatures to approve SMSF financial statements.

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Accounting, Administration, Auditing

Admin services likely to win out

administration auditing

Two senior industry specialists have questioned the prudence of accounting firms retaining auditing services over providing administration and financial statement preparation for SMSFs

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Auditing, Tax

Tax agent/auditor role unclear

Tax agent SMSF auditor

It remains unclear whether a practitioner can act in the capacity of tax agent and also auditor for an SMSF, a sector specialist has said.

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