Articles by Darin Tyson-Chan

ATO, Technology

Super Fund Lookup error surfaces

super fund lookup error

A malfunction of the ATO’s Super Fund Lookup register has resulted in some SMSFs erroneously losing their complying status on the system.

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LRBA

No TBAR obligations from LRBAs

TBAR LRBA transactions

Transactions arising from limited recourse borrowing arrangements are unlikely to trigger a transfer balance account reporting event.

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Compliance, Superannuation

New trustee duty muddies compliance

Best financial interest SMSF

The trustees duty amendment to the Your Future, Your Super will make SMSF compliance more difficult with investments in certain conventional asset classes.

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Cryptocurrency

Cryptocurrency still an investment only

cryptocurrency superannuation

Cryptocurrency is still classified only as an investment, and not a currency, for superannuation purposes limiting it use within those funds.

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Compliance, Documentation

Trust deeds are extension of the law

SMSF trust deeds

The SMSF trust deed must be seen by trustees and their advisers as an extension of superannuation law and adhered to at all times.

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Contributions, Superannuation

Budget to amplify contribution errors

contribution errors work test

The government’s decision to remove the work test will have significant implications for contribution errors made subsequent to the measure’s introduction.

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Compliance, Tax

COVID deception results in maximum ban

TPB ban covid

A tax agent has been deregistered from the Tax Practitioners Board and been given the maximum ban for multiple breaches of the Code of Professional Conduct.

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Compliance, Superannuation

Terms of engagement need review

SMSF terms of engagement

An amendment made last year to APES 305 will require accountants servicing SMSF clients to review their terms-of-engagement documents before the end of the 2021 financial year.

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Administration, Superannuation

Admin fee discount needs defining

SMSF fee discount

The definition of discount provided on SMSF administrative fees, often given to partners or employees of accounting firms, requires clarification.

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Compliance, Regulation

SMSFA backs new disciplinary body

advisers disciplinary body

The government’s plans to form a single disciplinary body for financial advisers as an initiative to help streamline the advice sector has been welcomed by the SMSF Association.

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