Articles by Darin Tyson-Chan

Business News

Govt defers LRBA decision

The government has postponed any legislation decision regarding the treatment of outstanding loan balances on limited recourse borrowing arrangements.

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Accounting

Relying on exempt activities not ideal

Accountants who have decided not to participate in the Australian financial services licensing regime when servicing SMSF clients because they are engaging in activities that are exempt from this regulation framework need to be cautious due to anomalies existing in the rules, a specialist lawyer has said.

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Superannuation

Assets test limits downsizing budget measure

Retirees receiving a part or full age pension need to consider carefully whether or not to take advantage of the 2017 budget proposal allowing the proceeds of a property sale for downsizing purposes to be contributed to their SMSF due to the assets test rules, a chartered accounting firm partner has said.

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Business News

Legislation may have created advice void

Online financial product advice provider Accountants Scaled Advice Platform (ASAP) has raised concerns over the creation of an SMSF advice “black hole”.

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ATO

ATO offers record-keeping assistance

The ATO has notified advisers they can request information from the SMSF regulation body regarding their clients’ total superannuation balance in order to determine compliant contribution strategies in the lead-up to 1 July.

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Business News

Two points key to resolution body success

The effectiveness of the new Australian Financial Complaints Tribunal announced in the 2017 federal budget will depend on the ultimate structure of the organisation, a technical expert in the industry has said.

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Compliance

Specialist advice required immediately

The SMSF Association has urged trustees to seek specialist advice in order to make the most of the super reforms, as well as ensure their funds comply with the new regulations.

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Practice Management

BGL releases super reforms functionality

Specialist SMSF administrative software provider BGL Corporate Solutions has incorporated new functionality to assist practitioners service their clients regarding the capital gains tax (CGT) relief provisions contained in the super reforms set to take effect from 1 July.

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Profiles

One on one with…Liam Shorte

Verante Financial Planning adviser and SMSF Association Sydney chapter chair Liam Shorte has been involved with SMSFs for 16 years

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From the Editor

It didn’t take long

The new rules governing superannuation have actually now been passed through the houses of Parliament, meaning the brave new world of retirement savings has now begun.

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