Articles by Darin Tyson-Chan

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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Retirement

More longevity risk work needed

The SMSF sector needs to address the issue of longevity risk in a more meaningful manner as the projected age of Australians continues to increase, a senior executive with an industry body has said.

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Business News

SMSF property spruiker banned

A promoter of property purchasing strategies through an SMSF has been permanently banned from providing financial services and engaging in credit activity by the corporate regulator.

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ATO

Around $18 billion of super in limbo

The latest ATO figures have revealed the value of retirement savings considered lost or unclaimed is now close to $18 billion across 6.3 million accounts as at 30 June 2017.

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ATO

ATO stipulates concerns over reserves

The ATO has declared it will be closely scrutinising any apparent changes in the use of reserves in response to the newly imposed transfer balance cap and total super balance.

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ATO

SMSF Association supports TBAR option 2

The SMSF Association has called on the ATO to adopt a practical approach regarding the introduction of the transfer balance account report (TBAR) and in doing so has thrown its support behind the proposed ‘option 2’ method of reporting.

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