Articles by Darin Tyson-Chan

Auditing, Compliance, SMSF

Borderline issues require an ACR

ACR Auditor Contravention Report ATO ASIC SMSF Self managed super fund auditor

An Auditor Contravention Report should be lodged with the ATO in situations involving marginal compliance breaches to reduce practice management risk.

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NALI/NALE

Good NALE results from recent PBRs

Accurium Broderick FAAA ART SMSF Self-managed superannuation Accurium Mark Ellem NALE Trustee capacity

Accountants using their professional permits when performing work for their own fund without charge will not necessarily trigger the NALE provisions.

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ATO, Pensions

TR 2013/5 amplifies ATO discretion

Minimum pension Tax ruling TR 2013/5 Accurium Mark Ellem SMSF Self-managed superannuation

The update to Tax Ruling 2013/5 means the discretionary powers of the ATO will likely be more significant when a minimum pension has not been paid.

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Auditing, Compliance, SMSF

SIS Reg 13.14 approach changed

Charge over assets Trustee representation letter SIS regulation 13.14 SMSF auditors DBA Lawyers Bryce Figot

The ATO has significantly adjusted its attitude toward the evidence auditors should obtain in determining whether a charge is held over an SMSF asset.

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Documentation, SMSF

All new client docs need reviewing

SMSF documents

Practitioners need to sight and review all relevant SMSF documents and not just those that are easy to access when looking take on a new client.

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NALI/NALE, Tax

Scheme needed to trigger NALI

Non-arm's-length expenditure Non-arm's-length income NALE NALI Scheme Income Tax Assessment Act (ITAA)

In determining if an SMSF has a NALI or NALE issue, it must first be established if a scheme exists with the arrangement in question.

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Tax

Tax write-offs for scams possible

SMSF Self-managed superannuation Heffron Lyn Formica investment scam tax deduction capital loss

Favourable tax treatment may be available to SMSF members who have been victims of an investment scam in certain circumstances.

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NALI/NALE, Tax

NALI penalises all capital gains

Non-arm’s length income NALI Capital gains SMSF Self-managed superannuation IFPA Natasha Panagis

An example included in TD 2024/5 has shown how the NALI provisions can affect all SMSF capital gains realised in a particular income year.

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Education

New initiative for FAR educational obligations

SMSF Association Deakin University AccountantsIQ Financial Adviser Register Education SMSF Specialist Advisor Program Bronny Speed

A new initiative has been made available to assist practitioners in meeting the Financial Adviser Register educational obligations.

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Tax, TPB

Updated tax agent bill tabled in parliament

Tax agents code of professional conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones IFPA SMSF Association amendment

An amended bill dealing with the proposed changes to the code of professional conduct for tax agents has been tabled in parliament.

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