Articles by Darin Tyson-Chan

Retirement

Perceived retirement problematic

definition retired

Advisers need to ensure their clients have satisfied the legal definitions of retirement before embarking on any drawdown-phase strategies.

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Education

Heffron to cover education gap

Heffron education

Heffron will be launching a new education capability later this year to provide new entrants to the sector with basic superannuation knowledge.

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Death benefits

SMSF will validity in question

SMSF will

The Hill v Zuda case has raised questions about the value of SMSF wills while confirming BDBNs do not expire after three years in an SMSF.

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Compliance

TBAR enforcement now possible

TBAR compliance activity

The implementation of one timeframe for lodging a transfer balance account report could lead to ATO compliance activity not yet witnessed.

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Superannuation

New trustees prove sector is healthy

new smsf trustees

Individuals who are looking to become SMSF trustees are on average getting younger, which is a sign the sector is in a healthy state.

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Pensions

Pension estimates gain importance

pension commencement value

The ability to estimate a pension commencement value needs to be recognised given the new shorter TBAR timeframe taking effect from 1 July 2023.

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Education

Financial adviser education consultation open

Financial adviser education

The consultation process regarding the review of the financial advice education standards has been started by the new Labor government.

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ATO

Voluntary disclosure service praised

ATO voluntary disclosure

An industry poll has revealed the ATO early engagement and voluntary disclosure facility has been used by less than one fifth of SMSF trustees.

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ATO, Compliance

Non-compliant practitioners targeted

Non-compliant SMSF practitioners

Strict enforcement action will be taken by the ATO against trustees who are industry practitioners who still have outstanding SMSF annual returns.

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Documentation

Deed must avoid stranded money

SMSF deed stranded money

The SMSF trust deed must contain particular clauses to ensure remaining monies in a single-member fund can be exited from the superannuation system.

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