Articles by Darin Tyson-Chan

Strategy

Asset mix key for transfer balance cap

Knowing which assets to leave or switch back to the accumulation side of an SMSF is crucial for the optimal tax effectiveness of the fund in light of the proposed $1.6 million transfer cap, an SMSF expert has said.

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Documentation

ATO authority a must for excess NCC refunds

Clients must ensure they have obtained a release authority from the ATO as any excess non-concessional contribution (NCC) amounts cannot be refunded without one, a superannuation technical services manager has said.

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Compliance & Regulation

Super consultation process to commence

Revenue and Financial Services Minister Kelly O’Dwyer has revealed the consultation process regarding exposure draft legislation for the proposed changes to the superannuation framework will begin very soon.

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Compliance & Regulation

Most SMSFs satisfy adequacy targets: report

The latest joint SMSF Association and Accurium sector research has shown the majority of SMSF trustee couples are well placed to have an asset balance high enough to fund at least a comfortable lifestyle in retirement.

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ATO

ATO early engagement service up and running

The ATO’s early engagement and voluntary disclosure service will now accept notifications from SMSF trustees and practitioners of unrectified regulatory contraventions.

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Compliance & Regulation

LRBA compliance extension applauded

The ATO has extended the time period SMSF trustees have to comply with the new safe harbour guidelines governing non-bank limited recourse borrowing arrangements (LRBA).

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Insurance

Uncertainty over SMSF risk cover

The proposed reduction in the concessional superannuation contributions caps could have flow-on consequences for SMSF trustees in regard to risk cover if that type of insurance is currently held within the fund, a retirement savings legal expert has warned.

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Compliance & Regulation

Four bodies band together to lobby govt

Four hands holding four jigsaw puzzle pieces.

The SMSF Owners’ Alliance, Self-managed Independent Superannuation Funds Association, Australian Shareholders’ Association and Australian Investors Association have written a joint letter to the federal government to highlight what they consider to be five major flaws in the proposed changes to super and request a post-election independent review of the calculations involved in the changes.

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Compliance & Regulation, Documentation

Budget creates additional super admin burden

The changes to the superannuation contributions caps announced in the 2016 federal budget will make the administration of an SMSF a great deal more difficult, according to a technical expert for the sector.

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Investments

Offshore investing unlocks opportunities

SMSF trustees need to look beyond the domestic equity market to seize investment opportunities arising from worldwide trends, an international fund manager has said.

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