Articles by Darin Tyson-Chan

ATO, financial advice, Legislation

UPE classification may now change

Insurance proceeds, institute of Financial Professionals Australia, IFPA, Natasha Panagis, ATO, income Tax Regulations,

The treatment of UPEs as loans from beneficiaries to unit trusts may no longer stand due to a recent full Federal Court decision.

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ATO, Contributions, Insurance

Fund insurance proceeds get new treatment

Insurance proceeds, institute of Financial Professionals Australia, IFPA, Natasha Panagis, ATO, income Tax Regulations,

A new method to treat insurance proceeds received by a super fund has been unexpectedly included in draft Taxation Ruling 2010/1DC2.

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AAT, Compliance

Disqualifications not absolute

A recent AAT decision has shown a trustee disqualification can be challenged successfully if the right set of circumstances can be established.

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Fixed Income

SMSFs heading toward bonds

Bonds, fixed income, Jenna Hayes, Income Asset Management, Matthew Macreadie, 

The current interest rate climate has prompted a shift away from term deposits and into bonds among investors, including SMSF members.

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NALI/NALE

Non-commercial costs can escape NALE

NALE, Accurium, Natalie Scott, ATO,

An SMSF expense that has not been incurred on commercial terms will not necessarily trigger the non-arm’s-length expenditure rules.

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Legislation, Tax

Up in the air

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

The fate of the Division 296 tax is facing different challenges and scenarios in the face of the upcoming federal election.

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Pensions

Legacy pension glitch addressed

Social Security Act, legacy pensions, Smarter SMSF, education,  Tim Miller,

The anomaly arising from the operation of the Social Security Act and the legacy pension amnesty has been addressed by a new legislative instrument.

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Contributions

Avoid tax strategy contribution split

contribution reserving strategy, Accurium, Anthony Cullen, Contribution, ATO, National Tax Liaison Group

Best practice suggests a contribution reserving strategy should be implemented using two separate transactions even though it is not required legally.

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ATO, Auditing, Technology

ATO confirms AI use not fully reliable

The ATO believes practitioners and trustees cannot completely rely on AI to undertake SMSF functions and an element of human involvement is still needed.

The ATO believes practitioners and trustees cannot completely rely on AI to undertake SMSF functions and an element of human involvement is still needed.

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