Articles by Darin Tyson-Chan

Pensions, Superannuation

Resolutions or agreements on death not binding

Pension resolutions agreements

A specialist lawyer has warned instructions as to the treatment of an existing pension upon a member’s death may not be legally binding if made via a resolution or a contractual agreement.

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FASEA

FASEA to hit entire SMSF practitioner space

FASEA to hit entire SMSF practitioner space

Practitioners servicing SMSF clients but not providing advice will still be affected by the changes resulting from the Financial Adviser Standards and Ethics Authority education requirements, according to a senior industry executive.

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Administration, Regulation

Six member funds regarded as franking credits foil

six member franking credits

A leading SMSF administrator has revealed interest among its clients to have more members in their funds has dropped away since the May federal election.

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ATO, Superannuation

Non-lodgement on the increase

SMSFs lodge annual return

The most recent ATO data has shown a jump in the number of newly registered SMSFs that have not logged the fund’s initial annual return.

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Documentation

SOA, investment strategy separate documents

SOA, investment strategy separate documents

A statement of advice should not be used as an SMSF investment strategy, regardless of the asset allocation information contained in it, according to an expert panel.

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Tax

Tax incentives remain important

Tax incentives remain important

Tax incentives will still be a significant contributing factor in the bid to encourage people to save enough money to fund their own retirement, according to Treasury.

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Auditing, Investments

Investment strategy acknowledgement can be simple

SMSF investment strategy documentation

Obtaining simple documentation can be enough for auditors to determine SMSF trustees have fulfilled their legal obligation with regard to a fund’s investment strategy, according to the ATO.

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ASIC, Superannuation

Illegal early-access promoter jailed

Illegal early access superannuation

The operator of a scheme providing illegal early access to superannuation benefits has been given a three-year jail sentence.

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ASIC, Financial Planning

Lime FS shuts robo-advice arms

Lime FS robo-advice

The robo-advice arms of Lime FS Pty Ltd have been voluntarily closed amid compliance issues raised by the corporate regulator.

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ASIC, Financial Planning

Ex-adviser to face dishonesty charges

dishonest conduct SMSF clients

Twelve charges relating to dishonest conduct regarding SMSF clients have been brought against a former financial planner.

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