Articles by Darin Tyson-Chan

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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Regulation

No change needed to sole purpose test

The legislation defining the sole purpose test will not need to be amended despite the announcement in the 2017 federal budget that will allow superannuation to be used to assist first home buyers, according to a senior technical professional in the industry.

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Compliance

No joy over real-time reporting timing issues

The availability of information needed to comply with the ATO’s new real-time reporting requirements remains a concern for the sector, but the regulator’s attitude to the issue remains unchanged, a senior SMSF technical executive has said.

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ATO

ATO data needs better detail

SMSF data gathered and reported by the ATO requires greater detail to provide a better insight into the trends the sector is experiencing, the head of a specialist administration provider has said.

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