Articles by Darin Tyson-Chan

Administration, ATO, SMSF

New trust reporting regime prompt issued

ATO SMSF Trust distribution Trust benefits Annual return

SMSF trustee have been reminded of the new reporting requirements taking effect in the 2024/25 financial year for trust income.

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Superannuation

New preservation age noteworthy

preservation age low-rate cap TRIS transition-to-retirement income stream

From 1 July, the preservation age will be aligned for all Australians, rendering some of the current superannuation system rules obsolete.

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Administration, Contributions, SMSF

Last day of June 2024 significant

superannuation Contributions 30 June minimum pension payment timing rules

Trustees and advisers need to consider the implications of having 30 June 2024 fall on a Sunday with regard to contributions and pension obligations.

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financial advice

Experience drain not biggest advice issue

industry experience financial advisers FAAA Financial Advice Association Australia

The reduction in the number of financial advisers with significant industry experience is not the most worrying trend affecting the sector.

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Education, SMSF

New education facility from Hub24

SMSF Academy SMSF Hub24 Striver

A new education facility aimed at helping practitioners provide specialised SMSF advice for clients has been released by Hub 24.

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ASIC, financial advice, Regulation, Superannuation

ASIC to scrutinise super switching

Superannuation switching ASIC Referral arrangements Enforcement priority

Advice regarding the switching of superannuation membership from one fund to another is an area on which ASIC will be focused this year.

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Commercial Property, Compliance, Property

Vacant land not considered BRP

Vacant land Business real property Related party SMSF In-specie transaction

An SMSF cannot acquire vacant land from a related party as it does not meet the definition of business real property at the time of the transaction.

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Accounting, Tax

Tax agent switching requires care

SMSF ATO TFN ABN Client linking SMSF Association

The SMSF Association has emphasised the need for tax agents to acknowledge a critical detail when executing a new fund authorisation.

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LRBA, Property, Trusts

LRBA bare trust transfer needless

Bare trust LRBA SMSF Property

Properties acquired using an LRBA need not automatically be transferred from a bare trust into an SMSF once the loan has been paid back.

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Auditing, Compliance, Investments

Don’t judge investment strategy

Investment strategy Auditors Judgement

An SMSF auditor’s role is to observe the compliance characteristics of an investment strategy and not assess its appropriateness for the fund members.

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