Articles by Darin Tyson-Chan

Superannuation

COVID-19 to spur SMSF growth

SMSF growth

The coronavirus pandemic is likely to boost the number of SMSFs as people re-examine their financial affairs in the wake of the virus crisis.

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Financial Planning

Specialist advice needed more than ever

specialist SMSF advice

The SMSF Association has stated there has never been a more critical time for trustees to receive specialist SMSF financial advice.

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ATO, Superannuation

Few early release recontributions

early release super recontributions

The practice of accessing superannuation early under the COVID-19 relief measure and recontributing the funds back into a super fund to gain a tax benefit has not been common so far, the ATO has said.

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Accounting, Administration

Returns still require signature

SMSF annual return

SMSF annual returns still require a signature of some sort, regardless of COVID-19 isolation practices, a technical specialist has said.

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Direct Property, Property

LRBA property count now required

LRBA property count

SMSFs holding property under a limited recourse borrowing arrangement (LRBA) have a new reporting property count requirement on the 2020 annual return.

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Administration, Documentation

Annual return sign-off timing important

SMSF annual return sign-off

The procedural timing for the sign-off of an SMSF annual return is critical and carried out incorrectly can result in compliance issues and penalties.

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Administration, Superannuation

COVID-19 residency relief exists

residency status SMSF return

COVID-19 relief exists for the rules governing the definition of an Australian super fund, eliminating the need to report a change in residential status on the 2020 SMSF annual return, a technical expert has said.

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Compliance

Compliance to assess incapacity

ATO trustees incapacity

Compliance procedures are being used by the ATO to discover potential incapacity issues suffered by SMSF trustees.

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Business News

Seamless SMSF strengthens team

Seamless SMSF

Seamless SMSF has appointed the former partner of a big four accounting firm to its sales team.

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Auditing

Auditors lift process intensity

SMSF auditors

Auditors have upped their intensity since the ATO sent out letters last year questioning the investment strategies of SMSFs, a senior executive in the sector has said.

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