Articles by Darin Tyson-Chan

Retirement

Government retirement costings inappropriate

Retirement Funding Superannuation system Age pension

The current methodology used to ascertain what it is costing the government to fund Australians’ retirement is misleading and not appropriate.

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Contributions, Legislation, Tax

Reserve allocations a $3m cap issue

Reserve allocations Total superannuation balance Contributions $3 million soft cap tax Concessional cap

The treatment of reserve allocations to members for the purpose of the $3 million soft cap is problematic and can have significant adverse outcomes.

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Accounting, SMSF, Superannuation, Tax

Timeframe limits foreign transfers

Foreign superannuation fund Lump sum payment Timeframe SMSF Superannuation rules

The Australian superannuation rules make lump sums paid from overseas pension schemes attractive but perhaps unachievable.

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Auditing, Compliance, Investments, Regulation, Superannuation

Many ways to fix in-house assets

SMSF In-house assets 5 per cent limit Rectify

Trustees do not need to obey the letter of the law when looking to rectify a breach of the in-house asset rules from a practical perspective.

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Compliance, Legislation, Tax

Submissions require real evidence

Treasury Consultation Division 296 tax Stakeholders Submissions

Some stakeholder criticism regarding the Division 296 tax was treated less seriously by Treasury due to a lack of evidence supporting the concerns raised.

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ATO, Compliance, LRBA

PCG 2016/5 compliance pleasing

Related parties PCG 2016/5 LRBA ATO Non-licensed financial institutions

The ATO has found the majority of SMSFs with an LRBA sourced from a non-licensed financial institution are obeying the relevant compliance rules.

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Compliance, Documentation, SMSF

Extended absence okay for control

SMSF central management and control Australian superannuation fund CMC

The central management and control test required for an SMSF can be satisfied even if trustees are located overseas for more than two years.

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ATO, Compliance, SMSF

Set-up scrutiny drivers revealed

ATO SMSF Establishment Set-up Compliance Scrutiny

The ATO’s decision to review an application to set up an SMSF is largely driven by the history and circumstances of the individuals involved.

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Property, SMSF

Clean energy a BRP issue

Green energy Business real property SMSF

It remains unclear as to whether clean energy equipment fits the definition of business real property for SMSF purposes.

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Death benefits, Superannuation, Tax

$3m cap issue with death pensions

Total super balance $3 million soft cap tax Calculation methodology Death benefit

A vital element of the calculation methodology regarding a person’s total super balance for the $3 million soft cap is yet to be revealed.

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