Articles by Darin Tyson-Chan

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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Downsizer

Downsizer consequences need noting

downsizer SMSF trustees

A range of issues need consideration by trustees if they qualify to make downsizer contributions once the reduction in the qualifying age is implemented.

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Trusts

13.22C trust rules easy to breach

13.22c trust rules

Advisers must be aware circumstances such as an overdrawn bank account can cause a contravention of the SIS regulation 13.22C trust rules.

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Auditing, Technology

Auditors can rely on quality data feeds

auditors data feeds

Data feeds can be a reliable source of information for SMSF audits as long as the quality of the information exchange is of the highest level.

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Crypto Assets

Digital asset title not an issue

SMSF digital assets

SMSFs can hold digital assets regardless of the title registration conditions governing the jurisdiction where the asset has been generated.

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Regulation, Superannuation

No residency rule details as yet

SMSF residency rules

The change to the superannuation residency rules is still on the policy agenda, but how it will be implemented is not yet known.

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Auditing

SMSF audit announcement welcomed

SMSF audit cycle

The elimination of any policy consideration to change the yearly SMSF audit cycle confirmed in the October federal budget has been welcomed.

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Compliance, Superannuation

Residency rule isolation could be concerning

Superannuation residency rules

Singling out delaying the amendment to the superannuation residency rules in the new Labor government’s first budget could be a bad sign.

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Technology

Software creating compliance angst

SMSF software compliance

An unquestioning reliance on superannuation software can lead to compliance issues with regard to SMSF investment strategies.

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