Articles by Darin Tyson-Chan

ATO, Superannuation

Mobile app main director ID avenue

SMSF DIN app

SMSF trustees requiring a director identification number will have to apply for one using the myGovID app on their mobile device.

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Superannuation

Elder abuse risk higher now

elder abuse SMSF

The reliance on virtual meetings as a result of coronavirus lockdowns has led to elder abuse risk increasing among mature SMSF clients.

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Accounting

Accountants fail on client targets

accountants SMSF clients

Research into the sector has shown accounting firms are falling well short of the number of SMSF clients they would ideally like to be servicing.

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ASIC, Financial Planning

Limited advice guidance released

limited advice ASIC

Practitioners providing limited financial advice have been provided with an ASIC information sheet to assist with their compliance obligations.

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Superannuation

Multiple splitting order possible

SMSF spousal splitting

The use of a multiple splitting order in the event of a divorce between spousal SMSF members can be an avenue to a more equitable result.

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ATO

ATO to address practitioner non-compliance

ATO SMSF practitioners

The number of practitioners failing to meet their obligation as trustees to lodge the fund’s annual return on time is of concern to the ATO.

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ATO

SuperStream timing issues evident

SuperStream time frame

Practitioners are seeing very few rollovers from public offer funds to SMSFs occur within the required time frame under the SuperStream system.

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ASIC

La Trobe ordered to pay ASIC penalty

La Trobe ASIC penalty

The Federal Court has ordered La Trobe Asset Management to pay a significant penalty for false or misleading advertising regarding a credit fund.

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NALI/NALE

NALE detection could be difficult

NALE identification

Detecting non-arm’s-length expenditure situations may not be straightforward, regardless of examples provided in Law Companion Guide 2021/2.

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ASIC, Business News

Move made to freeze Dixon penalty payment

Dixon Advisory penalty

A class action law firm has attempted to stop Dixon Advisory and Superannuation Services from paying a $7.2 million penalty to the government.

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