Articles by Darin Tyson-Chan

Estate Planning

Death benefit tax issues need more attention

The inability to roll over the portion of death benefit pensions that exceed a surviving member’s transfer balance cap (TBC) under the new super reforms means SMSF trustees must scrutinise the tax implications of retaining these monies inside super or exiting them from the system, an industry consultant has said.

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ATO

ATO to focus on asset valuation scrutiny

Kasey Macfarlane

The ATO has confirmed it will be examining SMSF asset valuations very closely in the immediate term due to the critical nature of these practices in regard to newly introduced elements such as the transfer balance cap, total super balance and capital gains tax (CGT) relief.

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Business News

SISFA appoints new MD

Michael Lorimer

The Self-managed Independent Superannuation Funds Association (SISFA) has appointed Michael Lorimer as its new managing director.

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Business News

SMSFA conference theme revealed

The theme for next year’s SMSF Association National Conference to be held in Sydney has been officially announced as “beyond”.

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Accounting

Valuation process most important

The process behind how assets held in an SMSF have been valued is the most important element and not who actually valued the assets, a senior executive with a large chartered accounting firm has said.

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Superannuation

SMSF trust control determined by positive factors

Positive influencing factors rather than negative ones are the elements advisers and their clients must be cognisant of when determining whether an SMSF has control over a trust in which it is invested and as such potential in-house asset issues, an industry technical expert has said.

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From the Editor

We’re all right, Jack

July is now upon us, which means the superannuation reforms announced in the 2016 federal budget have been implemented. While plenty of people are still unhappy about the changes, most of them have had to put their heads down to get on with complying with the new regime.

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Documentation

SMSFs warned on consequences of trust deed change

The unintended action of triggering a resettlement as a result of an amendment to a trust deed, when a family trust is set up to provide for family beneficiaries, ranks as one of the top SMSF “stuff ups”, according to a legal executive.

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Compliance

Avoiding NALI impossible for certain LRBA assets

The ability for an SMSF to implement a strategy of using a related party limited recourse borrowing arrangement (LRBA) to purchase certain assets not covered by the ATO safe harbour guidelines, such as a parcel of unlisted shares, without having the income from the investment being treated as non-arm’s length, may well be impossible.

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Documentation

SMSF Association provides trust deed review assistance

The SMSF Association has made a white label document available to its members to assist them in the review of trust deeds in light of the super reforms introduced on 1 July, particularly to address benefit payments and estate planning.

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