Articles by Darin Tyson-Chan

Legislation, SMSF, Superannuation

Fixing CSLR priority number one

CSLR, Financial Advice Association Australia, FAAA, Compensation Scheme of Last Resort, Sarah Abood, sector cap, Dixon Advisory, United Global Capital, CSLR levy, financial advisers, Shield Master Fund, First Guardian

Amending the CSLR has been identified as the most important financial advice-related issue the Labor government must address when parliament restarts.

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NALI/NALE, SMSF, Tax

Service discount sway a NALE issue

Accurium, discounted services, employees, general expenses, NALE, Natalie Scott, non-arm's length expenditure, self-managed super, self-managed superannuation, SMSF, SMSF trustees, superannuation

Certain situations exist where a service discount granted to an SMSF will initiate the NALE rules even if the reduced price is available for all staff.

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Contributions, Downsizer, SMSF

Marriage length has no downsizer impact

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

The ability for a spouse to take advantage of the downsizer provisions is not dependent on how long the couple in question have been married.

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Legislation, Tax

Div 296 conversations need to resume

Division 296 tax, SMSF, SMSF Alliance, David Busoli, Senate, $3 million, total super balance

The result of the weekend’s federal election means practitioners should be preparing for renewed client conversations about the Division 296 tax.

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ATO

No ATO discretion for illegal drawdowns

Illegal early access, ATO, ASF Audits, Shelley Banton, tax, Practice Statement Law Administration, PSLA,

The ATO’s treatment of illegal SMSF withdrawals trustees have attempted to pay back has not changed, regardless of PSLA 2021/D3’s status.

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Retirement, SMSF, Superannuation

TRIS impact on TBC a common trap

TRIS, transfer balance cap, TBC, Accurium, Natalie Scott,

Practitioners must take note of situations where clients with a TRIS turn 65 before 30 June as the event will impact the member’s transfer balance cap.

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financial advice, Investments, SMSF, Superannuation

Div 296 tax will impact economy

Division 296 tax, Prime Minister, Anthony Albanese, Wilson Asset Management, WAM, investment, Geoff Wilson,

More unintended consequences have been identified should the proposed Division 296 tax policy become part of the superannuation system.

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financial advice, Financial Planning, Legislation, Tax

Div 296, CSLR priorities for Liberals

Opposition financial services spokesman Luke Howarth has stipulated a coalition government will scrap the Division 296 tax and change the CSLR..

Opposition financial services spokesman Luke Howarth has stipulated a coalition government will scrap the Division 296 tax and change the CSLR.

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AFCA

AFCA approach doesn’t mean higher payouts

Australian Financial Complaints Authority, AFCA, Compensation amounts, CSLR, Compensation Scheme of Last Resort, Shail Singh, Patrick Hartney,

AFCA has explained the use of actual loss as a basis for awarding consumer compensation will not result in smaller payouts.

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Compliance, Documentation

Resolutions use can lessen disputes

Member disputes, Accurium, education, Mark Ellem, Neal Dallas,

Adopting a practice of using resolutions to verify every course of action an SMSF undertakes can effectively mitigate member disputes.

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