Articles by Darin Tyson-Chan

Accounting

Crypto not significant yet

SMSF cryptocurrencies

SMSF portfolio allocations to cryptocurrencies are still relatively low, but the ATO is expecting these to increase in the coming years.

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Investments, Technology

Lifespan introduces digital investment facility

Lifespan OpenInvest digital investing

Consumers who cannot afford financial advice have been provided with a digital investing platform to assist with their wealth-accumulation needs.

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NALI/NALE

Joint voices pick up NALE debate

NALE debate treasury

Discussions regarding the enforcement of the NALE rules from 1 July 2022 onwards are continuing, with 13 industry bodies presenting a united voice.

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Death benefits

BDBN checking trigger exists

death benefit nomination status

The provision of an additional piece of information to SMSF members could show the status of a death benefit nomination and act as a trigger for a review.

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Appointments

Associations welcome new ministers

associations government ministers

Industry associations have endorsed the new Labor government’s ministerial appointments to the Treasury and financial services portfolios.

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Auditing

Auditor independence causing stress

SMSF auditor independence

The challenges practitioners are currently facing with APES 110 are leading some of them to reconsider a previously unpopular policy.

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Administration, Documentation

Director ID applications clumsy

director identification

Advisers are recommending their clients use manual forms to apply for a director ID number due to the troublesome nature of the myGovID app.

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Accounting, Death benefits

Death benefits an accountant trap

death benefit nominations accountants

Accountants can face compliance risks on two fronts if they assist clients in completing death benefit nomination forms.

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Superannuation

Super policy execution hazy

Labor superannuation policy

Industry stakeholders remain unclear as to how Labor will implement its commitment to having superannuation play a bigger role in the economy.

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Administration

Reporting lag an admin challenge

reporting lag contributions

The lag in the reporting for SMSFs is going to create an administrative issue for service providers with regard to the new contributions rules.

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