Articles by Darin Tyson-Chan

financial advice

Advice standard required flexibility

financial advice standard

The good advice principle to be recommended by the Quality of Advice Review resulted from the need to establish a less rigid practitioner standard.

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Financial Planning

Success shouldn’t stymie advice provision

commercial success advice

Financial planners need to look beyond their own commercial success to ensure advice is provided to a greater number of people in need of it.

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SuperStream

APRA fund rollover details limited

APRA superstream details

Trustees cannot rely on public offer funds providing information as to why a SuperStream rollover out of an SMSF is unable to be processed.

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ATO, Contributions

Admin penalties net $3.4 million

SMSF administrative penalties

Administrative penalties imposed on SMSF trustees by the ATO raised $3.4 million for the regulator in the 2022 income year.

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financial advice

FPA/AFA merger vote in February

FPA AFA merger

Members will have their opportunity to vote on the proposed FPA/AFA merger organisation towards the end of February next year.

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Regulation, Superannuation

Current-day benefits can be okay

benefits sole purpose test

SMSF members can enjoy present-day benefits from investments in certain circumstances without breaching the sole purpose test.

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Investments

Mayfair seeks further special leave

Mayfair special leave application

A special leave application to the High Court has been filed by Mayfair 101 to challenge the full Federal Court’s decision against it last month.

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ASIC

ASIC consumer protection focus to continue

ASIC consumer protection

Consumer protection will continue to be a high priority for ASIC in 2023 given the challenges investment markets are still experiencing.

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NALI/NALE

Outcomes impact on NALE unclear

NALE result

It remains unclear how the end result of a transaction will determine how the non-arm’s-length expenditure rules will be applied.

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Documentation, Trusts

Modern trustee documents required

corporate trustee documents

SMSFs with a corporate trustee must ensure the fund has a company constitution that will allow the most current strategies to be implemented.

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