Darin Tyson-Chan

Sydney

Editor at SMS Magazine

Benchmark Media, Publisher, Editor Self Managed Super

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smsmagazine.com.au

Articles

No ATO guidance to define breaches

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

The ATO has specifically stated it will not be looking to provide any guidance for practitioners with regard to the interaction and delineation between illegal early access of superannuation benefits and loans made from an SMSF to its members. “We’re not looking to issue guidance to distinguish between [illegal early access and loans to members]. My message is neither of them are okay.
Acting on Bendel case unwise

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

A senior audit firm executive has warned SMSF trustees not act any differently with regard to an unpaid present entitlement (UPE) from a unit trust on the strength of a decision the Full Federal Court handed down recently. “Some in the industry are trying to pull a very long bow with the recent case which was the Commissioner of Taxation v Bendel.
Legacy pension exit may need two steps

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

A senior industry educator has confirmed the extinguishing of a life-expectancy income stream under the five-year legacy pension amnesty announced late last year cannot be executed in a single action. “Keep in mind with the life-expectancy pension [commutation] is basically a two-step process. That’s because with a life-expectancy pension there is a maximum commutable amount,” Accurium head of SMSF education Mark Ellem noted.
Trustee duties go beyond the deed

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

Awareness is needed of the Superannuation Industry (Supervision) (SIS) Act covenants imposing certain responsibilities on SMSF trustees even if they are not specifically stated in the fund trust deed, a sector specialist has said.
Inflation concerning pre-retirees the most

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

The latest research into the sentiment of older Australians has shown the rising cost of living across the country has caused pre-retirees to be less confident of living a happy life when they cease working. The second annual “Challenger Retirement Happiness Index” released today revealed three in four pre-retirees, or 76 per cent, indicated their financial security had been affected by the current increase in the cost of living, with 34 per cent of the cohort saying the impact was significant.
Dispute intervention not an ATO role

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

An SMSF technical specialist and a legal expert have confirmed practitioners and trustees cannot expect the ATO to become involved or intervene when there is a dispute between fund members. To this end, Accurium head of SMSF education Mark Ellem cited the statement on the ATO website, under QC 47220, stipulating the regulator’s position regarding member disputes. Here, the ATO stipulates: “We do not get involved in resolving disputes among members.
Benefit types important for TRIS

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

A senior industry executive has reminded practitioners to consider the types of benefits an SMSF member has before they commence a transition-to-retirement income stream (TRIS) due to the drawdown rules for these pensions. “When it comes to drawing down from a TRIS, they must be taken in a specific order.
Three licensees cop enforcement action

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

Three Australian financial services (AFS) licensees have been issued with Australian Securities and Investments Commission (ASIC) infringement notices for allowing authorised representatives of their dealer groups to provide personal advice while unregistered. The three licensees on the receiving end of this regulator action were Australian Advice Network Pty Ltd, IA Advice Pty Ltd and Sherrin Partners Services Pty Ltd. As a result, each entity paid a fine of $31,300 in March.
SMSFA urges cybersecurity alertness

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

The SMSF Association has called for practitioner and trustee vigilance with regard to technology security in the wake of the cyberattacks undertaken on some large Australian Prudential Regulation Authority-regulated funds last week. SMSF Association chief executive Peter Burgess labelled the incidents as a “wake-up call” regarding the superannuation industry’s vulnerability to cyberattacks and that SMSFs were not immune to this exposure.
Tax impact of withdrawals nuanced

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

A superannuation technical expert has reminded practitioners to gain a good understanding of the proportioning rule when determining the impact a fund withdrawal may have on the ability to claim a tax deduction for a personal contribution.