Articles by Darin Tyson-Chan

Estate Planning, Tax

Good tax outcomes need context

Incapacity Power of attorney Estate planning Income Tax Assessment Act

Certain estate planning strategies require specific communication to allow trustees to avoid triggering the Part IVA provisions of the tax act.

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Legislation, Superannuation

Industry super objective view clear

Objective of superannuation Treasury Consultation

Consultation on the proposed objective of superannuation showed significant support for what the measure should ultimately achieve.

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Property

Vacant land can be BRP

SMSF business real property vacant land wholly and exclusively threshold

Advisers should note in some circumstances pieces of vacant land can be considered business real property and may be held in an SMSF for that purpose.

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Appointments, SMSFA

SMSF Association board appoints new member

SMSF Association board of directors appointment

Christine Franks is the newest member of the SMSF Association board of directors after her appointment as a governance expert.

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Auditing, financial advice, Residential Property

No special action for related-party leases

SMSF residential property related party lease rental agreement

Rental arrangements for SMSF properties involving related parties need not be managed any differently to commercial lease agreements.

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Auditing, Property

Valuation guidelines misunderstood

SMSF property comparable valuations auditor

Certain ATO valuation guidelines for SMSF properties are not properly understood by trustees, subsequently resulting in significant angst.

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Compliance, Contributions

More than one sole purpose test

Sole purpose test Contributions Concessional contributions Superannuation Industry (Supervision) (SIS) Act

The separated sole purpose test covering contributions must be considered when contemplating certain SMSF strategies aimed at providing a tax benefit.

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Accounting, financial advice, SMSF

Advice a must for accountants

Financial advice Accountants Quality of advice review

Accountants must be allowed to play a greater role in providing financial advice so more Australians can satisfy their unmet needs in this area.

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NALI/NALE

COVID-19 may impact NALE

COVID-19 NALE non-arm's length expenditure

Work practices adopted subsequent to the COVID-19 pandemic may make breaches of the NALE rules more difficult to determine.

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Compliance, Documentation, SMSF

Establishment test ignores execution location

SMSF establishment test trust deed executed Australian superannuation fund

Where a trust deed is executed is not considered as to whether an SMSF has satisfied the establishment test to be considered an Australian super fund.

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