Articles by Darin Tyson-Chan

Financial Planning, Superannuation

Reforms highlight super suitability

The super reforms have placed an emphasis on the extent of the role superannuation should play in an individual’s wealth-building strategy, highlighting an issue that should have been addressed when the last set of significant changes to the retirement savings system were implemented, a technical expert has said.

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Documentation, Estate Planning

Control of fund key to estate plan

The person who assumes control of an SMSF upon the death of a trustee or member is the most important factor in guaranteeing the benefits of the deceased are distributed to the desired recipients, a specialist SMSF lawyer has said.

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Retirement, Superannuation

Diversity, sole purpose of super need maintaining

Certain characteristics currently embodied in the retirement savings framework, such as fund diversity and the system’s sole purpose, need to be maintained, according to a panel of senior executives.

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Auditing

Auditor duties potentially redefined

A recent case heard in the New South Wales Supreme Court has potentially redefined the role of the auditor and caused increased angst and potentially some confusion within the SMSF sector. In Ryan Wealth Holdings Pty Ltd v Baumgartner [2018] NSWSC 1502 the auditor of an SMSF was held accountable for certain failings of the […]

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ATO, Compliance

Proper procedure needed with TBAR corrections

The ATO has stipulated certain processes are absolutely necessary to correct any errors relating to transfer balance account reports (TBAR).

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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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