Articles by Darin Tyson-Chan

Retirement, Superannuation

Shift in policy focus supported

Actuaries Institute retirement superannuation drawdown accumulation decumulation

The government’s increased focus on the decumulation phase of superannuation has drawn support from a key professional body.

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Contributions, Legislation, SMSFA

Contribution rule change effect visible

SMSF Association ATO work test Contributions SMSFs

The latest ATO statistics covering the SMSF sector have shown amendments to the contribution rules have made a significant impact on trustees.

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Administration, Compliance, Investments, SMSF

Investment bands totally unnecessary

SMSF Investment strategies Asset allocations tables SIS Act

The inclusion of specific allocations to particular asset classes in SMSF investment strategies should be avoided to mitigate compliance issues.

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financial advice

FAAA illustrates simple advice concept

Financial Advice Association of Australia FAAA Sarah Abood Quality of Advice qualified adviser simple advice

The potential application of simple advice provided by qualified advisers as a result of the Quality of Advice Review has been illustrated the FAAA.

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ATO, Auditing, Regulation

APES 110 angst for specific firms

APES 110 Auditor Independence Standards ATO SMSF Auditors

ATO reviews of SMSF auditors have recognised the specific type of practitioner likely to fall foul of the independence standards set out in APES 110.

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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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