Articles by Darin Tyson-Chan

ATO, Auditing

Poor valuation evidence a concern

SMSF valuation evidence

The ATO is alarmed by the number of situations where SMSF auditors are not substantiating asset valuations with proper supporting evidence.

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Investments

Five new portfolios on OpenInvest platform

OpenInvest Spark Financial

OpenInvest has forged a new funds management relationship offering consumers access to a suite of five varied investment portfolios.

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Death benefits

Fund account not tied to death benefit

Death Benefits accounts

The account that a deceased member held their superannuation balance in has no bearing on how the death benefits of that person can be paid.

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Auditing

Materiality a testing audit concept

Materiality SMSF auditors

The concept of materiality has been acknowledged by the ATO as a difficult one for auditors to manage with regard to SMSF investment strategies.

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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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