Articles by Darin Tyson-Chan

Auditing

Independence solution at hand

auditor independence client exchange

A client exchange program has been developed by an accounting software company that could allow practices to retain their SMSF audit arms without breaching the amended auditor independence standards.

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Pensions, Strategy

Intent key for nil-balance members

nil-balance SMSF members

The intention of an SMSF member with a nil balance can be the determining factor as to whether their inclusion in a fund will be problematic.

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Accounting, Auditing

No existing referral threshold

auditor referrals threshold

Accounting firms do not have a prescribed number or percentage of referrals from one source they must avoid in order to comply with the amended auditor independence standards, a specialist practitioner has said.

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Administration, Insurance

Flaw in admin systems detected

Administration software insurance

A weakness exists in standard administration software being used for SMSFs that could impact certain fund strategies, a technical mentor has said.

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Pensions

Cashless commutations tricky

Cashless pension commutations

Adverse tax outcomes can result from full commutations of pensions involving in-specie transfers, a technical services manager has warned.

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Auditing

Pooling no independence fix

pooling auditor independence

Pooling arrangements established among several accounting firms may not provide a solution facilitating compliance with the amended auditor independence standards, an SMSF specialist practitioner has said.

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Superannuation

NCCC breaches most serious

Non-concessional contributions cap breaches

A specialist SMSF practitioner has warned breaches of the non-concessional contributions cap can lead to significant financial punishment and should be taken most seriously.

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Strategy

Recontributions ease legal risk

Recontributions strategy

A specialist adviser has suggested employing a withdrawal and recontribution strategy can help SMSF trustees lower their legislative risk.

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Business News

Merry Christmas

The team at selfmanagedsuper would like to wish all of the publication’s readers a very Merry Christmas and a happy, healthy and prosperous New Year. We would also like to take this opportunity to thank all of you for supporting the title throughout what has been a very difficult year in 2020. Today’s newsletter marks […]

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Pensions

MYEFO offers legacy pension fix

legacy pension fix

A potential solution for situations where a new market-linked pension gives rise to a transfer balance cap breach has been included in the government’s Mid-Year Economic and Fiscal Outlook.

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