Articles by Darin Tyson-Chan

Documentation

Director ID rules unforgiving

Director ID corporate trustee

The requirement for directors of an SMSF corporate trustee to obtain a director ID number can exist even if the super fund has been wound-up.

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Crypto Assets

Sole purpose test issue with NFTs

NFT sole purpose test

An investment by an SMSF in a non-fungible token may not be able to satisfy the sole purpose test for a variety of reasons.

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Superannuation

Super tax change will promote system equity

superannuation tax change

It has been claimed the current superannuation tax concessions require amending as they do not enable equity in the retirement savings system.

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Superannuation

Super tax concessions to be reviewed

Superannuation tax concessions

The new Labor government has confirmed a review of the tax concessions contained within the superannuation system is one of its policy objectives.

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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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