Articles by Darin Tyson-Chan

ATO

ATO grants small ECPI concession

While the ATO has not budged from its stance of requiring any SMSF entirely in pension phase to use the segregated method when claiming exempt current pension income (ECPI), it has confirmed its compliance activities will not be focused on adherence to this edict for the 2017 financial year or any prior periods.

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Compliance

TBAR non-compliance to attract penalties

The proposal to implement a transfer balance account report (TBAR) for SMSFs includes the ability for the ATO to impose penalties for non-lodgement or late lodgement of this information.

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ATO

ATO to scrutinise CGT relief eligibility

The legitimacy to claim capital gains tax (CGT) relief granted under the new super reform rules in regard to timing, as well as associated valuations, are likely to come under intense ATO scrutiny, an SMSF specialist law firm has said.

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Business News

SMSF Association reveals new patron

Reverend Tim Costello has been appointed as the new patron of the SMSF Association, succeeding former High Court chief justice Sir Anthony Mason, who has filled the role since February 2007.

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From the Editor

May we live in interesting times

August has now ticked over and the implementation of the super reforms has begun, and while we are only at the start of the process, already we can see the level of complexity that will no doubt trip up many SMSF trustees is a real and present danger.

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Estate Planning

SMSFs shift closer to estate planning vehicle

SMSFs have now potentially become more of an estate planning vehicle after the implementation of the $1.6 million transfer balance cap, a sector strategist has said.

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Documentation

CGT relief to be reported separately

SMSF advisers and trustees must be aware that notifying the ATO about the use of the capital gains tax (CGT) relief provisions, included as part of the superannuation reforms introduced on 1 July, cannot be done via the annual return of the fund.

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Estate Planning

TRIS conversion could cause cap problems

SMSF trustees need to be cautious that the new treatment of transition-to-retirement income streams (TRIS) does not lead to a breach of the transfer balance cap (TBC) introduced on 1 July, a senior SMSF technical practitioner has said.

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Auditing

Auditor banned over independence issues

John Evennett, from New South Wales, has been disqualified from being an approved SMSF auditor by the Australian Securities and Investments Commission (ASIC).

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Superannuation

Actuarial method could compromise advisers

The method by which an actuarial certificate is formulated to determine the amount of exempt current pension income (ECPI) an SMSF has when the fund has used a combination of the segregated and unsegregated method when accounting for its assets in one financial year can have ramifications for advisers and the service they provide, according to a specialist SMSF law firm.

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