Articles by Darin Tyson-Chan

Regulation

Residency rules made simpler

SMSF residency rules

Changes to the residency rules for SMSFs, including the scrapping of the active member test, are expected to significantly simplify the superannuation system

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Pensions

Accounting fees tricky for ECPI

accounting fees ecpi deduction

Close attention must be paid to how accounting fees are treated with regard to their tax deductibility status when a fund is claiming exempt current pension income.

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Contributions

Downsizer requires macro view

downsizer strategy

SMSF trustees need to consider the long-term strategy benefits of making downsizer contributions and not be swayed by the current investment climate.

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Tax

Indexation does not apply for DSFA

indexation DSFA

Indexation of the transfer balance cap will not affect the process that determines if an SMSF has disregarded small fund assets.

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Technology

SuperMate platform set for relaunch

SuperMate relaunch

SuperConcepts will relaunch its SuperMate SMSF administration platform with an overhaul of the functionality it provides to clients through improved use of technology.

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Documentation

Splitting order documentation a must

splitting order

The procedures undertaken following a court-issued splitting order must be properly documented and a failure to do so is a breach of a trustee’s obligations.

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Pensions

SIS Regs have child pension priority

SIS child pension

Complying with the requirements of the SIS Regulations is the most important aspect when setting up a death benefit to be paid via a child pension.

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Documentation, Superannuation

Early TBA reporting needed in 2020/21

TBAR lodging

Annual transfer balance account reports should be lodged ahead of time for 2020/21 due to the introduction of indexation to the super system.

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ASIC

Government appoints new ASIC chair

new ASIC chair

The federal government has appointed a new ASIC chair from outside the organisation who will take on the role from 1 June from current chair James Shipton.

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ATO, NALI/NALE

NALE rules could catch small errors

NALE rules errors

Standard methods of correcting SMSF operational errors could put funds at risk of being caught by the non-arm’s-length expenditure rules.

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