Articles by Darin Tyson-Chan

Compliance, Regulation, Superannuation

Trust deed position for FHSSS confused

The role an SMSF trust deed plays in allowing the use of the First Home Super Saver Scheme (FHSSS) remains slightly unclear, according to a superannuation specialist lawyer.

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Insurance, Superannuation

Salary sacrifice has risk insurance benefits

Having temporary and permanent disablement insurance cover inside or outside of their superannuation fund is an arrangement that can allow an individual to benefit from more than just the payout from the policy in the event of a debilitating incident, a technical expert has said.

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Superannuation

Living expenses for retirees on the rise

The latest Association of Superannuation Funds of Australia (ASFA) statistics into retirement lifestyles has shown a jump in the cost for retirees during the June 2018 quarter, driven mainly by clothing, transport and health services.

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Strategy, Superannuation

SG concessional cap arbitrage still exists

An SMSF lawyer has recommended advisers should study the individual circumstances of high-salaried individuals before instructing them to opt out of super guarantee (SG) contributions in case there is an arbitrage opportunity between the earnings on excess contributions and the shortfall interest charge (SIC) levied against them.

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ATO, Insurance

Life cover paid from pension can be TBC bonus

Holding life insurance cover inside an SMSF and funding the premiums from a reversionary account-based pension can give a surviving spouse the ability to establish an income stream well in excess of the $1.6 million dictated by the transfer balance cap (TBC), a technical manager has said.

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Regulation

Sole purpose should not be a political football

The last time I looked, the sole purpose test dictates an SMSF needs to be maintained for the sole purpose of providing retirement benefits for its members or their dependants if the member passes away before retirement.

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LRBA, Strategy

Funding the biggest LRBA hurdle

SMSF members need to turn their focus to funding issues rather than compliance matters when looking at using a limited recourse borrowing arrangement (LRBA) to acquire an asset for a fund, a technical expert has advised.

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Regulation, Superannuation

Poll provides franking credit insight

A recent poll conducted by Wilson Asset Management (WAM) among its clients opposed to the Labor Party’s proposed franking credit refund policy has found 69.2 per cent of respondents stand to lose between $5001 and $30,000 a year should the measure be introduced.

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Auditing

Auditors should stay with annual cycle

A specialist lawyer has suggested a statement contained in the discussion paper addressing the proposal allowing certain SMSFs to move to a three-yearly audit cycle gives practitioners the opportunity to continue to solely provide annual auditing services.

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Financial Planning, Strategy

Aussiegolfa case sends advice warning

The full court of the Federal Court’s ruling in favour of the appellant in Aussiegolfa Pty Ltd (Trustee) v Commission of Taxation should be seen as a sign for advisers to take care over recommending certain strategies to SMSF clients, a sector lawyer has said.

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