Articles by Darin Tyson-Chan

ATO

TBAR amnesty can’t be relied on

TBAR penalties

The ATO’s position to date not to impose penalties for the late lodgement of transfer balance account reports cannot be expected to last.

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ASIC

Mawhinney hits back at contempt claims

ASIC Mayfair contempt

Formal complaints have been filed against ASIC in response to the regulator’s contempt of court allegations regarding Mayfair 101.

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Documentation

TBAR uniformity preferred

TBAR single framework

SMSF practitioners have indicated they have a preference for a single framework for transfer balance account reports to be introduced.

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Auditing

Trustees can take valuation lead

property valuation trustees

Trustees and accountants can play an active role in compiling sufficient property valuation information for an SMSF audit.

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Cryptocurrency, Superannuation

Crypto presents compliance issues

cryptocurrencies SMSF

Holding cryptocurrencies within an SMSF portfolio can present significant compliance issues for both trustees and advisers.

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Financial Planning

Digital advice pivotal to sustainable development

digital advice sustainable

Digital financial advice can play a meaningful role in helping to achieve the United Nations’ sustainable development goals.

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Contributions

Bring-forward approach confirmed

NCC bring-forward

Treasury has confirmed how the extension of the non-concessional three-year bring-forward rule to include people aged 64 to 75 will be applied.

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ATO

ATO updates SuperStream register

ATO SuperStream register

The register of SMSF messaging providers allowing users to be either wholly or partially SuperStream ready has been updated.

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Accounting, Administration

Automated administration flourishing

SMSF automated administration

The use of SMSF administration software has increased among accounting firms and shows no signs of abating in the immediate future.

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ATO, Compliance

Reported contraventions on the rise

ATO auditor contravention

Compliance breaches reported to the ATO via auditor contravention reports rose significantly over the 2021 financial year.

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