Articles by Darin Tyson-Chan

Documentation, Estate Planning

Trustee registration only needed once

There is no need to lodge additional notifications with regulatory bodies when an existing SMSF trustee also acts as an LPR upon a member’s death.

There is no need to lodge additional notifications with regulatory bodies when an existing SMSF trustee also acts as an LPR upon a member’s death.

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SMSF, Superannuation, SuperStream

Rollovers processed slower than required

The average processing time for a rollover request from a public offer fund to an SMSF is exceeding the timeframe set by the super rules.

The average processing time for a rollover request from a public offer fund to an SMSF is exceeding the timeframe set by the super rules.

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Compliance, Contributions, Downsizer, Legislation, Regulation, Strategy

Downsizer contributions need proceeds

In order to be able to make a downsizer contribution, SMSF members must actually receive some proceeds from the sale of their existing residence.

In order to be able to make a downsizer contribution, SMSF members must actually receive some proceeds from the sale of their existing residence.

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SMSF, Tax

Market use no relevance for Merchant

The avenue used for the share transaction in the Merchant case would have made no difference as to whether the arrangement was a Part IVA breach.

The avenue used for the share transaction in the Merchant case would have made no difference as to whether the arrangement was a Part IVA breach.

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Death benefits

No need to accept death benefits

Individuals can refuse to accept receipt of a superannuation death benefit if their personal situation is not suitable for them to take the payment.

Individuals can refuse to accept receipt of a superannuation death benefit if their personal situation is not suitable for them to take the payment.

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Appointments

New SMSF Association board member

A senior sector executive has been appointed to the SMSF Association board as two current members are set to retire later this month.

A senior sector executive has been appointed to the SMSF Association board as two current members are set to retire later this month.

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Division 296, Legislation, SMSFA, Tax

Chalmers digs in on Div 296 calculation

The Treasurer has indicated he is currently not prepared to consider any other calculation methods for the revised Division 296 tax legislation.

The Treasurer has indicated he is currently not prepared to consider any other calculation methods for the revised Division 296 tax legislation.

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Investments

Work share scheme acquisitions a risk

An SMSF that acquires equities from employee share schemes linked with a person’s remuneration can create compliance difficulties for trustees.

An SMSF that acquires equities from employee share schemes linked with a person’s remuneration can create compliance difficulties for trustees.

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Compliance, Legislation, Property, Regulation, Residential Property

Property developments treated harshly

A recent trustee experience has demonstrated the ATO does not view SMSF investments in property developments involving a related party favourably.

A recent trustee experience has demonstrated the ATO does not view SMSF investments in property developments involving a related party favourably.

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Documentation, Practice Management, Strategy

EPOA needed when SMSF set up

An enduring power of attorney should be put in place at the time an SMSF is set up to properly manage any trustee disability in the future.

An enduring power of attorney should be put in place at the time an SMSF is set up to properly manage any trustee disability in the future.

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