Articles by Darin Tyson-Chan

NALI/NALE

COVID-19 may impact NALE

COVID-19 NALE non-arm's length expenditure

Work practices adopted subsequent to the COVID-19 pandemic may make breaches of the NALE rules more difficult to determine.

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Compliance, Documentation, SMSF

Establishment test ignores execution location

SMSF establishment test trust deed executed Australian superannuation fund

Where a trust deed is executed is not considered as to whether an SMSF has satisfied the establishment test to be considered an Australian super fund.

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Administration, Compliance, Contributions

Active member contributions broader

Active member test Contribution Rollover

Trustees and practitioners must be aware the definition of contribution for the purpose of the active member test is broader than in other circumstances.

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Accounting, Legislation, Regulation

Single financial reporting body to be formed

Australian Accounting Standards Board Auditing and Assurance Standards Board Financial Reporting Council amalgamated merger

The government will amalgamate three existing financial reporting bodies into one entity that will implement new climate and sustainability standards.

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NALI/NALE

IFPA wants NALE law removed

Institute of Financial Professionals IFPA Senate Economics Legislation Committee NALE repeal

The government has been encouraged to remove the provisions pertaining to NALE in the relevant bill before parliament.

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Compliance, Regulation

Related-party collectable rules strict

SIS Regulations SMSF related party personal use assets collectables

The Superannuation Industry (Supervision) Regulations impose many restrictions on related-party transactions involving personal-use assets of an SMSF.

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Accounting, Compliance, Legislation, Tax

Tax on unrealised gains not new

Treasury unrealised capital gains $3 million superannuation earnings tax

Treasury has stipulated the taxing of unrealised capital gains is not unique to the proposed earnings tax on individual superannuation balances over $3 million.

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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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