Articles by Darin Tyson-Chan

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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Business News

Admin services an advice opening

POpening wallet to pay a refund

The latest research into the SMSF sector has revealed financial planners could strengthen their advice proposition and revenues from this area of the market if they provided fund administration services.

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Business News

Legal case dilutes formality of trustee changes

A recent court decision has potentially lessened the formality needed to strictly adhere to the requirements of an SMSF trust deed when removing or appointing trustees of the fund.

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Business News

CGT relief a new client challenge

The capital gains tax (CGT) relief provisions contained in the super reforms are an issue of which SMSF advisers have to be aware, not only for existing clients but for newly acquired clients as well, according to a technical expert in the industry.

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Insurance

Structured settlements verification necessary

SMSF trustees making contributions to their fund as a result of a risk insurance payout need medical practitioner verification before it can be classified as a structured settlement and receive concessional treatment under the new superannuation rules.

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ATO

Real-time reporting needs some context

The ATO has stressed SMSF trustees do not need to be overly concerned about the perception the administrative requirements in running a fund will significantly increase due to the introduction of real-time reporting.

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