Articles by Darin Tyson-Chan

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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Investments

Mayfair seeks further special leave

Mayfair special leave application

A special leave application to the High Court has been filed by Mayfair 101 to challenge the full Federal Court’s decision against it last month.

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ASIC

ASIC consumer protection focus to continue

ASIC consumer protection

Consumer protection will continue to be a high priority for ASIC in 2023 given the challenges investment markets are still experiencing.

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NALI/NALE

Outcomes impact on NALE unclear

NALE result

It remains unclear how the end result of a transaction will determine how the non-arm’s-length expenditure rules will be applied.

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Documentation, Trusts

Modern trustee documents required

corporate trustee documents

SMSFs with a corporate trustee must ensure the fund has a company constitution that will allow the most current strategies to be implemented.

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Downsizer

Downsizer consequences need noting

downsizer SMSF trustees

A range of issues need consideration by trustees if they qualify to make downsizer contributions once the reduction in the qualifying age is implemented.

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Trusts

13.22C trust rules easy to breach

13.22c trust rules

Advisers must be aware circumstances such as an overdrawn bank account can cause a contravention of the SIS regulation 13.22C trust rules.

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Auditing, Technology

Auditors can rely on quality data feeds

auditors data feeds

Data feeds can be a reliable source of information for SMSF audits as long as the quality of the information exchange is of the highest level.

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Crypto Assets

Digital asset title not an issue

SMSF digital assets

SMSFs can hold digital assets regardless of the title registration conditions governing the jurisdiction where the asset has been generated.

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