Articles by Darin Tyson-Chan

Auditing

Trustee management letter use improper

Self-managed superannuation SMSF auditors trustee management letter market valuations ATO Paul Delahunty

The trustee management letter is not being used appropriately by a number of SMSF auditors, resulting in suboptimal consequences for them.

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ATO, Auditing, Compliance

ACR required for rectified breaches

SMSF Self-managed super auditor contravention report ACR Accurium Anthony Cullem Seamless SMSF Frank La Spada compliance breach rectification

An SMSF compliance breach that has been rectified in the year in which it occurred will still have to have an ACR lodged for it with the ATO.

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Auditing, SMSF

Short-stay lodging docs obtainable

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

Acceptable documentation for audit purposes is obtainable for short-stay accommodation properties held within an SMSF as proof of compliance.

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Pensions, SMSF

Legacy pension amnesty endorsed

The amnesty regarding legacy pensions has been applauded by the SMSF Association, but it has been noted the measure has fallen short in some areas.

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Compliance, SMSF

Some compliance breaches need direct action

In the event of a trustee compliance breach, practitioners may have no choice other than to address the problem head on with the fund auditor.

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Retirement

Better retirement income education needed

More consumer education is needed to equip people with knowledge of the methods and products they can use to achieve better retirement income results.

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Contributions, Downsizer

Downsizer not a co-contribution event

Eligibility to receive a government co-contribution to an SMSF is determined by the confluence of a few different pieces of legislation.

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Death benefits

Financial dependency proof substantial

A significant amount of evidence is required to support a claim that a person can receive superannuation death benefits due to financial dependency.

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ATO, Documentation

ATO quantifies 2023 SAR non-lodgement

The number of SMSFs that have not lodged an annual return for the 2023 income year is cause for concern with the ATO stating the problem is increasing in size.

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NALI/NALE

No SIS edict on NALI tax allocation

SMSF trustees cannot rely on the SIS Regulations to determine whether a NALI liability has to be allocated to a particular superannuation interest.

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