Articles by Darin Tyson-Chan

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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ASIC, Auditing

SMSF auditor struck off register

The Australian Securities and Investments Commission (ASIC) has banned a New South Wales-based practitioner from being an SMSF auditor after he was found to have breached the independence requirement by which he was bound.

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Residential Property

DomaCom gets Federal Court victory

Fractional property investment house DomaCom has had the full Federal Court hand down a favourable decision with regard to the leasing to a related party of a property held in a sub-fund where an SMSF is the owner of units in the sub-fund.

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Regulation, Strategy, Superannuation

SMSFs must keep constant NALI watch

SMSF advisers and trustees must be mindful of the new non-arm’s-length income (NALI) rules when assessing fund strategies so as not to pay maximum levels of taxation, a sector expert has said.

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