Articles by Darin Tyson-Chan

Superannuation

Six-member fund sign-offs need review

six-member fund

All processes requiring approval by a proportion of SMSF trustees should be reviewed if new members are added to a fund under the new six-member legislation.

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ATO

ATO revisits COVID-19 relief

ATO COVID-19 relief

The ATO is looking to implement measures for SMSFs suffering financial hardship in the current round of COVID-19 lockdowns.

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Accounting, Investments

Licence not key for investment strategy help

SMSF investment strategy

An active role in assisting SMSF clients with their investment strategies can be fulfilled by unlicensed practitioners.

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Pensions

Minimum pension more critical for dual-phase SMSFs

minimum pension phase

SMSFs with both accumulation and pension-phase interests will suffer more significant disadvantageous tax implications from failing to meet the minimum pension requirement.

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ECPI

Element missing from ECPI bill

ECPI legislation

The Treasury bill dealing with how exempt current pension income is to be calculated omitted an important element that had been included in the draft version of the legislation.

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Compliance

Good general compliance should satisfy best financial interest duty

compliance best financial interest duty

The documentation of sound compliance practices could be all SMSF trustees need in order to prove they have adhered to their best financial interest duty.

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Appointments

SuperConcepts leadership team takes shape

SuperConcepts appointments

SuperConcepts has made two new appointments to its leadership team that are expected to improve its product development processes.

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Retirement, Superannuation

Covenant common sense encouraged

retirement covenant

The SMSF Association has called on the government to use a sensible approach to the implementation of the proposed retirement income covenant.

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Auditing, Superannuation

Partial audit outsourcing an option

audit accounting

Accounting firms are beginning to consider partial outsourcing as a compliance solution for the amended auditor independence standards.

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NALI/NALE

Discount availability key to NALE

NALE discount

The NALE rules will only apply to SMSF administration service discounts that have been selectively applied to some staff within an organisation.

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