Articles by Darin Tyson-Chan

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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Death benefits

Financial dependency proof substantial

A significant amount of evidence is required to support a claim that a person can receive superannuation death benefits due to financial dependency.

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ATO, Documentation

ATO quantifies 2023 SAR non-lodgement

The number of SMSFs that have not lodged an annual return for the 2023 income year is cause for concern with the ATO stating the problem is increasing in size.

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NALI/NALE

No SIS edict on NALI tax allocation

SMSF trustees cannot rely on the SIS Regulations to determine whether a NALI liability has to be allocated to a particular superannuation interest.

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Death benefits

Parental bond not super interdependency

A conventional relationship between a parent and a child does not automatically satisfy the definition of super death benefit interdependency.

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ATO, Compliance

Loans to mask illegal early access rising

An increasing number of SMSF trustees and members are attempting to classify the illegal early access of benefits as loan arrangements.

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Contributions

Contributions deductibility not a given

Certain circumstances or actions can prevent an individual from claiming a tax deduction for a personal superannuation contribution.

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Business News

Inaugural financial industry awards presented

The inaugural Australian Financial Industry Awards were presented by the Institute of Financial Professionals Australia last Friday evening.

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Auditing

Key audit materials should be used

SMSF auditors should use key materials such as guidance statements as the basis for their processes to make them as robust as possible.

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Tax

Wider impact of conduct code a worry

IFPA has warned the proposed changes to the Tax Agent Services Act Code of Professional Conduct may negatively impact small tax practices.

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