Articles by Darin Tyson-Chan

Pensions

Larger role for good faith principle

SMSF death benefits

Determining whether SMSF trustees have acted in good faith when determining how death benefits are distributed is likely to become more common.

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Superannuation

Corporate trustee shares can’t be ignored

shareholding corporate SMSF

The shareholding of the company acting as the corporate trustee for an SMSF is a crucial component in running a fund, but is often ignored.

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ATO, Property

Valuation guidance confusing

ATO SMSF valuation guidance

The ATO’s guidance on SMSF property valuations is giving auditors no comfort from either a practical or compliance perspective.

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Contributions

Downsizer transcends contributions

downsizer SMSF contributions

The ability to put more money into a super fund is not the only advantage SMSF members can enjoy from using the downsizer contribution provisions.

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Superannuation

Exiting hinders six-member SMSFs

SMSF six members

The process of exiting individuals from an SMSF is something trustees should consider before deciding to add members to a fund.

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Auditing, Investments

Investment strategy an audit risk

SMSF investment strategies auditors.

Monitoring and approving the SMSF investment strategy is continuing to cause angst and confusion among auditors servicing the sector.

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ATO

ATO defends its statistics

ATO SMSF

The ATO has defended the efficacy of its quarterly SMSF statistics in light of recent criticism with regard to their use as a performance indicator.

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Auditing, Technology

New audit efficiency tool from Evolv

Evolv audit tool

A tool is to be launched by independent specialist audit firm Evolv to allow accountants to identify and address issues before an audit is started.

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NALI/NALE

Cautious NALE approach now needed

SMSF NALE

The consensus among a panel of SMSF specialists is for fund trustees to apply an ultra-conservative approach to the NALE rules.

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ATO, Auditing

ACR lodgements on the rise

ACRs ATO SMSF

The ATO has received an increasing number of auditor contravention reports for both the 2021 and 2022 income years due to the misuse of SMSF assets.

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