Articles by Darin Tyson-Chan

Business News

Merry Christmas and Happy New Year

Christmas

The team at selfmanagedsuper wishes all of its readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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financial advice, SMSF, Superannuation

Notes to SMSF accounts very significant

The notes to the financial statements for an SMSF take on particular significance due to the special-purpose nature of these entities.

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Pensions, SMSF, Superannuation

Pension payment standing orders fine

It is possible to put standing orders in place at the commencement of an income year to treat drawdowns above the minimum pension as lump sums.

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Auditing

Trustee management letter use improper

Self-managed superannuation SMSF auditors trustee management letter market valuations ATO Paul Delahunty

The trustee management letter is not being used appropriately by a number of SMSF auditors, resulting in suboptimal consequences for them.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF Self-managed super auditor contravention report ACR Accurium Anthony Cullem Seamless SMSF Frank La Spada compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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Compliance, SMSF

Some compliance breaches need direct action

In the event of a trustee compliance breach, practitioners may have no choice other than to address the problem head on with the fund auditor.

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Retirement

Better retirement income education needed

More consumer education is needed to equip people with knowledge of the methods and products they can use to achieve better retirement income results.

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Contributions, Downsizer

Downsizer not a co-contribution event

Eligibility to receive a government co-contribution to an SMSF is determined by the confluence of a few different pieces of legislation.

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