Articles by Darin Tyson-Chan

Auditing

Sole purpose test breaches overused

sole purpose test breach

A breach of the sole purpose test is being used too often as the justification for lodging an auditor contravention report.

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BDBNs

Detailed BDBN document search key

BDBN documents search

Attempts to locate binding death benefit documents must go beyond a superficial search for them if trustees are to satisfy their legal obligations.

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Superannuation

IFPA rejects govt’s super objective

IFPA superannuation objective

IFPA has refused to support the objective of superannuation currently proposed by the government in its consultation paper on the subject.

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Strategy

ATO rules out strategy wording

ATO investment strategy wording

While demand for specific SMSF investment strategy wording from the ATO is high, trustees will not receive this type of regulatory assistance.

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Auditing

New service for aspiring auditors

SMSFAAA membership

Practitioners working towards an audit qualification will now have a tier of SMSFAAA membership tailored for their situation.

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Investments, Tax

Soft cap to change SMSF portfolios

tax SMSF strategies

SMSF investment strategies may change significantly should the proposed tax on individuals’ super balances above $3 million be implemented.

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Pensions, Tax

New tax to impact pension strategies

super tax pension

Pension strategies dealing with a member’s death could be impacted by the proposed additional tax on super balances above $3 million.

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Superannuation, Tax

Balance equalisation appeal to rise

balance equalisation strategies

Equalisation strategies may increase in their appeal as a method to counter the proposed new tax on member balances above $3 million.

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SMSF

New SMSFs favour fewer members

New SMSFs members

Current statistics have revealed funds servicing fewer members have the most appeal for individuals looking to establish an SMSF.

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Investments

Franked dividend policy misses target

franking credits

The government policy to prevent company share buybacks from including franked dividends will not impact the parties Treasury has targeted.

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