Articles by Darin Tyson-Chan

Documentation

Pressure on for timely record-keeping

A specialist superannuation lawyer has warned financial advisers and accountants to ensure their SMSF clients have up-to-date fund information to determine whether their pension balances are over the $1.6 million transfer balance cap at 30 June this year.

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ATO

ATO conciliatory over online outages

HELP button on the enter key of a computer keyboard

The ATO has announced it will not enforce any penalties SMSFs may have incurred due to the outage experienced by the regulator’s online services at the end of last year.

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Compliance

Contributions procedures to be streamlined

The method SMSF trustees and members must follow to be able to claim a tax deduction for contributions is to be monitored and likely fine-tuned in the foreseeable future.

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ATO

Relaxed fixed trust view to assist SMSFs

New draft guidelines changing the ATO’s interpretation of what constitutes a fixed trust may help the tax treatment of trust distribution income for SMSFs, according to a specialist law firm.

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ATO

ATO sends out LRBA reminder ahead of deadline

The ATO has issued a reminder to SMSF advisers and trustees about how the non-arm’s-length income (NALI) provisions apply to limited recourse borrowing arrangements (LRBA) in light of the looming compliance deadline for these gearing strategies.

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Compliance

SMSF compliance healthy: ATO

Compliance activities and associated punitive measures applied by the ATO over recent years have revealed the SMSF sector is in very good shape and with few problems.

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Business News

Season’s greetings

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The team at selfmanagedsuper would like to wish all our readers a Merry Christmas and Happy New Year as the publication signs off for 2016.

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Business News

Asset balance and retirement income mismatch

The latest Financial Services Council (FSC) research into the SMSF sector, co-commissioned with UBS Asset Management, has revealed trustees’ idea of the asset balance they will require to fund a comfortable retirement does not match the level of yearly income they are hoping to draw from their super fund.

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From the Editor

From the editor: Too complicated? Who cares

The end of November saw a large number of the changes to the superannuation rules passed into law that were first announced on budget night and subsequently amended.

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Business News

Trauma cover within SMSF requires caution

Trustees with trauma cover within their SMSF need to pay particular attention to the situation due to the approach regulators are able to take in reviewing these arrangements, according to a risk insurance expert.

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