Articles by Darin Tyson-Chan

Accounting

Anecdotal evidence of poor CGT advice

Close-up of an index finger about to press a button.

A technical expert has expressed his concerns about the poor quality of advice some SMSF trustees have admitted to receiving with regard to the super reforms capital gains tax (CGT) relief provision.

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Superannuation

Imputation refund policy under more fire

The federal opposition’s proposed policy of allowing imputation credit refunds to be paid only to those SMSFs with a member receiving an age pension payment has drawn more criticism, this time from the partner of an accounting firm.

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Residential Property

FHSSS having an impact on millennials

A presentation of the latest ING research into millennials’ attitudes toward property investing has shown members of the demographic group are treating the federal government’s First Home Super Saver Scheme (FHSSS) as a viable method of accumulating enough money for a deposit on an initial residential property.

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Accounting

New SMSF member limit to improve flexibility

The 2018 budget measure increasing the maximum number of members in an SMSF from four to six will help improve the flexibility of these structures, but will come with some administration challenges, the director of an accounting firm has said.

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Auditing

Calls for more action over audit proposal

Runners' legs on the move.

The SMSF auditing community has begun actively rallying against the proposal handed down in last Tuesday night’s budget to allow SMSFs with a good compliance and record-keeping history the ability to switch to a three-yearly audit cycle.

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Compliance

Identifying scope of advice biggest challenge

A financial services legal specialist has identified limiting the scope of advice being given as the biggest compliance hurdle with which advisers currently have to contend.

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Auditing

New SMSF audit cycle sparks practitioner angst

George Jordan

The SMSF Association has received a significant amount of member feedback expressing concerns over the federal budget proposal for a three-yearly audit cycle for SMSFs with a good compliance and record-keeping history, as well as the industry body’s response.

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Auditing

SMSF audit measure met with scepticism

A person stands underneath cloudy skies.

The opportunity for SMSFs with a good compliance, record-keeping and lodgement history to move from an annual audit process to instead having to perform a fund audit every three years has the potential to damage the integrity of the sector, according to some industry service providers.

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Superannuation

Government finally adopts SG measure

The 2018 federal budget measure allowing individuals earning in excess of $263,157 a year from multiple employers to nominate a single employer from where super guarantee (SG) contributions will be made has been described by an industry technical expert as a common-sense move that should have been implemented years earlier.

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Compliance

Losses don’t dictate best interest duty

Advisers need to be mindful that adherence to the best interest duty introduced under the Future of Financial Advice reforms is not solely determined by the financial outcomes of their clients, a compliance specialist has said.

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