Articles by Darin Tyson-Chan

Retirement, Superannuation, Tax

CGT concessions a super bonus

small business CGT concessions

The small business CGT concessions can be of great benefit for individuals who have not accumulated much super while running their own enterprises.

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Pensions, Regulation, Retirement, Superannuation

Age issue curbs bring-forward rule

NCC bring-forward rules

The non-concessional contribution bring-forward rules can only be used if a person is under 75 during the relevant financial year.

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Auditing, SMSF

Courts extending audit duties

SMSF auditors duties

Legal rulings are forcing SMSF auditors to cover off issues not included in their legislative, regulatory and professional obligations.

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SMSF, Strategy

Exit strategy must include incapacity

Exit strategy incapacity

The inclusion of a plan to manage trustee incapacity as part of an SMSF exit strategy is arguably more important than addressing a member’s death.

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BDBNs, Pensions

Death pension doesn’t need order

Death benefit pension

It is not necessary to have a reversionary instruction or BDBN in place to pay a death benefit to the spouse of a deceased member via a pension.

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Administration, Compliance, SMSF

Written orders key for wind-ups

SMSF wind-up instructions

Written fund member instructions regarding the treatment of assets in the event of an SMSF wind-up are imperative for advisers to mitigate their risk.

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ATO, Compliance, Education

ATO revamps compliance guidance

New compliance guidance materials are being formulated by the ATO, one of which marks a change in approach with education directions.

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Pensions, Regulation, Superannuation

Minimum pension normalcy back

Minimum pensions

Last night’s budget gave the industry a very good indication that minimum pensions will be returning to pre-COVID rates from 1 July 2023.

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Superannuation, Tax

No new detail on $3m soft cap

$3 million super tax

There has been almost no new detail included in the 2023 federal budget regarding the proposed new tax on total super balances above $3 million.

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Pensions, SMSF

Legacy pensions a missed opportunity

Legacy pensions

Having no reference to the issue of legacy pensions in the 2023 federal budget has been labelled as a missed opportunity given other super measures.

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