Articles by Darin Tyson-Chan

Compliance, Legislation, NALI/NALE, Tax

NALE bill doesn’t extend amnesty

NALE ATO Non-arm's length expenditure PCG 2020/5

SMSF trustees cannot rely on PCG 2020/5 from 1 July 2023 to avoid a severe tax penalty should they incur non-arm’s-length general expenses.

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Death benefits, SMSF, Tax

$3m soft cap contains death glitch

$3 million soft cap tax Deceased member Death benefit

A distinct abnormality is contained within the draft legislation pertaining to the $3 million soft cap with regard to deceased super fund members.

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Retirement, Superannuation

Competition to improve super

Stephen Jones superannuation sector competition

The government is looking to improve the outcomes for all superannuants by encouraging increased competition between all segments of the industry.

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ATO

Valuations to get increased focus

ATO SMSF asset valuation

The valuation of assets is an area of compliance the ATO is looking to focus on with greater intensity as a result of recent data analysis.

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Accounting, Administration, Auditing, SMSF

Better auditor contact beneficial

SMSF auditors Audit preparation Accurium Mark Ellem

Stronger and more frequent communication lines between accountants and advisers and their SMSF auditors will make fund audits more efficient.

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Accounting

Reserves accounting needs review

SMSF reserves SMSF administration software Defined benefit scheme

Practitioners and trustees should ensure the SMSF administration software in use complies with the law with regard to the allocation of earnings.

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Estate Planning, financial advice, Pensions, SMSF

Best openings from older clients

SMSF trustees Pension Strategies Financial advice Inheritance Estate planning

Two distinct issues have been identified as areas on which advisers should concentrate in order to provide the greatest value for their SMSF clients.

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Legislation, SMSF, Superannuation, Tax

New super tax attracts more criticism

Total super balance Superannuation tax Superannuation earnings tax

More criticism has been levelled at the proposed $3 million soft cap on the basis it is inequitable and lacks transparency.

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Retirement, Strategy, Superannuation

Retirement not just about dollars

Retirees Retirement Satisfaction Superannuation

Preparing for a satisfactory and enjoyable retirement involves addressing issues extending beyond the extent of a person’s superannuation savings.

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