Articles by Darin Tyson-Chan

Compliance, Regulation

NALI dictates better expense examination

The ATO’s amended stance on non-arm’s-length income (NALI) to include cost savings means advisers must now perform a more comprehensive analysis of certain expenses an SMSF incurs to avoid the associated income being taxed at the highest marginal tax rate, a technical expert has said.

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ASIC, LRBA, Regulation

Adviser banning blurs best interest duty

A red and white sign reading wrong way seen over shoulder of a man

The recent banning of SMSF adviser Jason Atkins has highlighted the dangers financial planners face in complying with the best interest duty requirements under the Future of Financial Advice reforms, a strategy specialist has said.

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Regulation, Tax

Imputation credit policy reversal not guaranteed

Individuals concerned about the Labor Party’s proposed banning of franking credit refunds in certain circumstances should not expect a future coalition government to repeal the policy should it become law, a representative for senior Australians has advised.

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ATO, Auditing, Regulation

New audit cycle aimed at “basic” SMSFs

Assistant Treasurer Stuart Robert has revealed the exact type of SMSF on which the proposed three-year audit cycle is founded.

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Pensions, Superannuation

Market-linked pension commutations to be fixed

The federal government has announced it will amend superannuation legislation to find a permanent solution with regard to the transfer balance account treatment for individuals who have commuted a market-linked pension and commenced a new pension arrangement in its place.

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Investments, Regulation

Govt to launch franking credit inquiry website

The federal government will soon establish a website to encourage all concerned parties to express their views to the House of Representatives Standing Committee on Economics inquiry into the proposed removal of franking credit refunds for certain individuals.

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ATO, Strategy

ATO reserves position contrary to law

The ATO’s current stance on the elimination of some existing reserves runs contrary to the law and may result in SMSF trustees having to set up an accumulation account to ensure compliance in this area, a technical expert has said.

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Compliance

BDBN formalities best kept simple

An SMSF lawyer has suggested it is best practice to keep any rules governing the validity of binding death benefit nominations (BDBN) in a fund’s trust deed as simple as possible to avoid potential court challenges from aggrieved beneficiaries.

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Education

FASEA education elements causing SMSFA angst

The SMSF Association has highlighted specific educational requirements proposed by the Financial Adviser Standards and Education Authority (FASEA) as further areas of concern it has for the advice industry.

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ETFs, Investments

Fidelity embarks on active ETF strategy

International fund manager Fidelity has implemented a strategy to introduce a series of active exchange-traded funds into the market with the express view of assisting SMSF investors achieve better portfolio diversification.

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