Darin Tyson-Chan

Sydney

Editor at SMS Magazine

Benchmark Media, Publisher, Editor Self Managed Super

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smsmagazine.com.au

Articles

Future Div 296 indexation not a lock

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

An SMSF specialist has warned all superannuation practitioners to avoid the expectation the proposed Division 296 tax will have an indexation measure applied to it in the future.
Check TRIS docs prior to conversion

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

A leading SMSF actuary has reminded practitioners to check the specific wording contained in the documentation relating to a transition-to-retirement income stream (TRIS) to ensure the pension is not bound by any unnecessary conditions should it convert to a retirement-phase interest. Accurium principal Melanie Dunn noted the rules for a TRIS are significantly different when a recipient is approaching retirement compared to when the individual has satisfied a condition of release.
Timing key for CGT-linked contribution

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

Advisers must make sure the timing of a contribution is correct with regard to tax mitigation strategies involving an SMSF and capital gains tax (CGT) liabilities, an industry specialist has said. Accurium head of tax education Lee-Ann Hayes issued the warning in light of an actual case she had experienced.
In-specie contribution receipt varied

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

A technical specialist has highlighted the different rules relating to exactly when an in-specie contribution to an SMSF can properly be treated as having been received. Accurium technical superannuation adviser Jason Hurst acknowledged paragraph 20 from Taxation Ruling (TR) 2010/1 lays out the official procedure regarding the recognition of an in-specie contribution.
LRBA offset accounts a mighty risk

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

Two senior SMSF specialists have warned practitioners of the compliance risk that can arise from an offset account linked to a limited recourse borrowing arrangement (LRBA) from a non-bank lender. “A true offset account is absolutely fine. The way an offset account would typically work is where it operates as a separate bank account and you could put, in theory, just less than the loan balance in that account.
Foreign stocks have increased SMSF appeal

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

A growing number of SMSF trustees are increasing their portfolio allocations to international equities for a variety of reasons, according to a share trading platform.
Exact treatment for free trustee work

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

An SMSF specialist has reminded practitioners of the proper treatment and valuation procedure as set out in a current draft tax ruling if a trustee performs work for their super fund in a professional capacity on commercial terms, but does not issue an invoice for the services provided.
AI adopted for basic advice tasks

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

A senior research executive has revealed financial advisers’ adoption of artificial intelligence (AI) has to date been on a relatively basic level, assisting them with the more menial tasks of their businesses. Investment Trends head of research Dr Irene Guiamatsia revealed around 37 per cent of advisers are already using AI in their practices and of this cohort 5 per cent indicated they are applying it extensively. “So specifically, what are advisers using it for?
ATO denies reports of cyberattack

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

The ATO has refuted reports in the media it has suffered a cyberattack and has taken the time to assure people its systems remain secure, resilient and uncompromised. “The safety of taxpayers’ information is of the utmost importance to us and the ATO continues to remain vigilant for new and emerging cyberthreats,” the ATO said in an online update. “In the past year, the ATO has introduced a range of measures to better protect client identity and accounts.
Hybrid asset acquisition allowable

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

A sector specialist has confirmed draft Law Companion Ruling (LCR) 2021/2DC allows for an SMSF asset to be acquired through a combination of a payment from the fund and an in-specie contribution as long as certain procedures are followed. Accurium senior SMSF educator Anthony Cullen noted paragraph 29 of the draft tax ruling stipulates the circumstances by which an asset purchase involving two payment components can occur.