Articles by Darin Tyson-Chan

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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SMSF, Superannuation, Tax

Soft cap could mean loss of assets

$3 million superannuation tax

Scenarios illustrating the egregious nature of the proposed $3 million soft cap on the super balances of individuals are beginning to surface.

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Retirement, Superannuation

Indexation most pertinent for initial pension

indexation TBC

The timing of pension commencement in the context of TBC indexation will be most relevant for members establishing their initial income stream.

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ASIC, Compliance

ASIC targeting company compliance

SMSF corporate trustees compliance

Increased scrutiny is being applied to the compliance activities of SMSF corporate trustees by ASIC.

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ATO, SuperStream

SuperStream solutions pending

SuperStream

A solution could soon be made available by the ATO for common problems SMSF trustees are experiencing when using SuperStream for fund rollovers.

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BDBNs, SMSF

Digital BDBN approval very risky

Digital BDBN

Executing a binding death benefit nomination is legally allowable, but exposes SMSF trustees to a significantly higher level of risk.

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