Articles by Darin Tyson-Chan

ATO, Auditing

SAN misuse on the rise

SAN misuse SMSF returns

The ATO has found the misuse of SMSF auditor numbers on fund annual returns rose in the 2021 income year.

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Documentation

Unique deeds can be troublesome

SMSF trust deeds clauses

SMSF trust deeds with unique clauses that may eventuate in the fund trustees having to take unwanted actions should be avoided.

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ATO, Superannuation

Wind-ups don’t need nil balances

ATO SMSF balances

A balance sheet indicating a fund has zero balances is not required by the ATO for an SMSF wind-up procedure to take place.

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Financial Planning

Net adviser movement concerning

financial advisers

The financial advisory sector is continuing to see a talent shortage even though fewer practitioners exited the industry in the March quarter of 2022.

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Contributions, Regulation

Downsizer timeframe now changed

downsizer contributions

An impending legislative change means individuals do not have to forgo making downsizer contributions even if they are not made at age 60.

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Appointments

SuperConcepts bolsters sales team

SuperConcepts sales team

Two new positions within the SuperConcepts sales team have been filled via the appointment of a new team member and an internal promotion.

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AFCA

AFCA adopts merit assessment

AFCA merit assessment

A new merit assessment procedure will be used by AFCA in the early stages of financial services disputes to achieve overall efficiency.

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Pensions

Pension status vital in wind-ups

SMSF pensions

The status of all current pensions needs to be taken into account when looking to wind up an SMSF to avoid cancelling any with special treatment.

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Superannuation

Call for superannuation certainty

superannuation election

A call has been made for whichever party forms the next government of the country to ensure the ongoing certainty of the retirement savings system.

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Estate Planning

BDBNs can pose adviser risk

BDBN SMSF legal

The practice of using a BDBN to direct the death benefits of an SMSF member straight to that person’s estate could soon attract legal action.

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