Articles by Darin Tyson-Chan

Compliance, Regulation

Director ID penalties are severe

director ID penalties

Directors of corporate SMSF trustees have been warned severe penalties can be issued for non-compliance with the new director ID regime.

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Regulation

Work test rule change not complete

work test amendments

The process required to put the abolition of the work test into law for people up to the age of 75 may not be completed before the federal election.

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Auditing

ATO issues SAN misuse reminder

SAN misuse reminder

Practitioners have been reminded to submit their responses to the SMSF auditor number misuse mail-out performed by the ATO last September.

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ETFs, Fixed Income

Addition to BetaShares fixed income suite

ETF fixed income

BetaShares has launched a fixed income ETF that uses an underlying index aimed at avoiding the flaws of traditional debt-weighted indices.

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Financial Planning

A year of practice development opportunities

practice development

Financial advisers will experience some respite from regulatory change in 2022 that will allow them to focus on improving practice profitability.

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Appointments

ASFA appoints new chair

ASFA appointed chair

A new independent chair has been appointed to the Association of Superannuation Funds of Australia board, effective at the end of February.

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Superannuation

Trust deed has final BDBN sway

trust deed BDBN

The trust deed is more important than any rules of law with regard to binding death benefit nominations that are not constrained by a set time frame.

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Retirement, Superannuation

QROPS reporting a wind-up issue

QROPS SMSFs

Specific circumstances must be taken into account when looking to wind up an SMSF with retirement savings balances transferred from the UK.

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Documentation

E-signatures can prove liability

electronic signatures practitioners

The use of electronic signatures has the ability to create an audit trail that can increase the degree of professional risk practitioners face.

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NALI/NALE

NALE detection hard for auditors

NALE SMSF auditor

Trustees and their advisers cannot automatically assume transactions involving NALE will be detected by an SMSF auditor.

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