Articles by Darin Tyson-Chan

Legislation, Regulation, SMSF

Residency rule change may be closer

Residency SMSF Self-managed superannuation Active member test Safe harbour

The proposed changes to the superannuation residency rules first put forward in 2021 may be closer to coming to fruition.

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Legislation, SMSF, Tax

Div 296 tax most impactful change

Super balances Division 296 tax SMSF Self-managed superannuation Super balances Yigit Gunhan Investment trends

Practitioners have nominated the proposed Division 296 tax as the legislative change that will have the greatest impact on clients in the immediate term.

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Regulation, Superannuation

Employment after retiring okay

Definition of retirement Condition of release SMSF Self-managed superannuation

Starting a new job after having legally retired will not mean a person will lose the tax benefits from an existing income stream.

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Administration, ATO, financial advice

Event-based reporting a struggle

Event based reporting SMSF Self-managed superannuation Investment Trends Yigit Gunhan

Event-based reporting imposed by the ATO has emerged as a significantly increasing challenge for advisers in servicing the SMSF sector.

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Death benefits, SMSF

EPOA actions for ill member stifled

EPOA Enduring power of attorney Anthony Cullen SMSF Self-managed superannuation Accurium

Several different factors can restrict the ability of a person who is a death beneficiary and has an EPOA to exit the assets of a dying SMSF member.

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Administration, ATO, SMSF

Compliance focus impacts wind-ups

ATO SMSF Wind-up Compliance activities

The ATO’s increased emphasis on its compliance activities has had a significant impact on the number of SMSFs wound up this year.

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ATO, Contributions, SMSF, Strategy

Recontribution tax benefits okay

ATO PBR Withdrawal Recontribution strategy

Several tax benefits resulting from a withdrawal and recontribution strategy have been deemed legal in a recent ATO private binding ruling.

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Compliance, Pensions, SMSF, Superannuation

TRIS payment penalties severe

transition to retirement income stream TRIS pension standards minimum drawdown maximum drawdown exempt current pension income SMSF Professionals Day 2024

Trustees who do not observe the minimum and maximum payment thresholds for a non-retirement-phase TRIS will be subject to harsh penalties.

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financial advice, SMSFA

Adviser references need specificity

Licensed advisers SMSF Association Unlicensed operators Advisers

A call has been made for financial services stakeholders to properly acknowledge the difference between licensed advisers and illegal operators.

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Administration, Death benefits, SMSF

Ready fix for benefit payment issue

Member benefit payment Death benefit In-specie transfer

A particular strategy can ensure a member benefit payment will be treated as such even when the relevant person dies before the transaction is completed.

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