Darin Tyson-Chan

Sydney

Editor at SMS Magazine

Benchmark Media, Publisher, Editor Self Managed Super

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smsmagazine.com.au

Articles

Legacy pension wind-ups hold legal risk

4 days ago | smsmagazine.com.au | Darin Tyson-Chan

A sector specialist has warned practitioners of the legal traps associated with winding up legacy pensions under the five-year amnesty announced in December last year allowing SMF trustees to do so. Accurium head of SMSF education Mark Ellem noted issues can arise for particular practitioners due to the fact legacy pensions are defined as a financial product, in turn restricting the type of services some stakeholders can provide in ending these structures.
Amnesty also better for flexi-pensions

5 days ago | smsmagazine.com.au | Darin Tyson-Chan

A senior industry executive has confirmed the five-year amnesty allowing SMSF trustees to commute legacy pensions is also advantageous for recipients of commutable lifetime non-complying income streams even thought all parts of the measure are not relevant to these structures.
Unit trust bypass of SMSF unwise

6 days ago | smsmagazine.com.au | Darin Tyson-Chan

Technical experts have recommended SMSF practitioners ensure trustees keep transactions with any payments from a unit trust in which a fund has invested as clean as possible, particularly when death benefits are involved, even if additional steps must be taken in order to achieve a necessary outcome.
Investment platform to enter SMSF sector

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

Investment platform moomoo Australia is set to launch a multifaceted service for the SMSF sector that will assist people with market trading, fund establishment, administration and compliance.
Reserve allocations may need actuaries

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

Engaging an actuary may be required when commuting legacy pensions and allocating any associated reserve to members when more than one of these income streams exists in a single SMSF, a sector technical expert has suggested.
Deed key to stopping legacy pensions

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

A sector specialist has highlighted the need for SMSF trustees with certain legacy pensions to review the fund trust deed to determine whether they are restricted in their ability to commute one of these income streams.
Stopping TRIS in retirement needless

1 week ago | smsmagazine.com.au | Darin Tyson-Chan

Commuting a transition-to-retirement income stream (TRIS) and replacing it with an account-based pension when an SMSF member attains a nil-cashing condition of release to ease the administrative burden for trustees is likely to be a flawed and unnecessary strategy, a leading industry actuary has said.
Accumulation exits best for Div 296

2 weeks ago | smsmagazine.com.au | Darin Tyson-Chan

A sector specialist has recommended SMSF trustees looking to lower their total super balance for Division 296 tax purposes to make the withdrawals from their accumulation account and not from a pension interest. Colonial First State head of technical services Craig Day made the suggestion based on the operation of the formula used to calculate exempt current pension income (ECPI).
Past borrowings okay for 13.22C trusts

2 weeks ago | smsmagazine.com.au | Darin Tyson-Chan

A unit trust or company can still satisfy the conditions defined in Superannuation Industry (Supervision) (SIS) Regulation 13.22C even if the entity in question has used gearing to fund an investment at one point in time, a sector specialist has said. Accurium senior SMSF educator Anthony Cullen noted this means a fund can invest in such a unit trust or company without triggering the in-house asset rules.
Personal injury a Div 296 escape

2 weeks ago | smsmagazine.com.au | Darin Tyson-Chan

A senior industry executive has reminded practitioners SMSF trustees who make a structured settlement contribution resulting from a personal injury will be permanently excluded from having the proposed Division 296 tax applied to them. Colonial First State head of technical services Craig Day firstly recognised a structured settlement or personal injury contribution will not be counted in a superannuant’s total super balance for Division 296 tax purposes.