Articles by Darin Tyson-Chan

ATO, Superannuation

ATO on SAR lodgement warpath

SMSF annual return lodgement

The ATO has issued a stern warning to the entire SMSF sector over funds that either have not lodged or are late in lodging the requisite annual return.

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ATO, Property

Regulator bulletin may be misleading

ATO property development

An ATO instrument regarding lease arrangements pertaining to property developments held by SMSFs is potentially misleading, a specialist lawyer has said.

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ATO, Superannuation

Data-matching time lag warning

ATO data-matching

The director of a financial services firm has flagged the significance of the time it takes the ATO to issue excess contribution notices and the consequences this situation can have.

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Auditing, Documentation

Data feeds not an auditor independence exception

data feeds auditor standards

Data feeds cannot be used as proof SMSF financial statements have been prepared by an accounting firm in a “routine and mechanical” way in the context of the new auditor independence standards.

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Auditing

Audit transition period requested

auditor transition period

The SMSF Association would like a proper transition period to be granted by the ATO to allow mid-tier accounting firms to adapt to the new auditor independence standards.

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Auditing

Audit quality could now improve

SMSF audits quality

The quality of SMSF audits could improve as a direct result of new independence standards imposed on auditors, a specialist practitioner has said.

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ETFs, Investments

SMSFs favouring ETF access to gold

SMSFs ETFs gold

SMSFs are predominantly choosing ETFs as their preferred means of investing in gold, a specialist manager has said.

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Accounting, Auditing

Auditor pick key for accountants

SMSF auditor

The impact of a change of auditor on an accounting firm performing the administration for SMSFs needs careful consideration, a specialist practitioner has said.

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Tax

Tax practitioner COVID concessions extended

Tax practitioners COVID concessions

Tax practitioners have had the COVID-19 concessions regarding their renewal and registration requirements extended.

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Superannuation, Tax

CGT least harmful super tax tweak

CGT superannuation tax

Adjusting the capital gains tax concession on super fund assets is the least disruptive option should the government look to the country’s retirement savings framework to repair the budget deficit caused by the coronavirus, a specialist manager has advised.

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