The different rules governing the transfer balance account report (TBAR) for SMSFs compared with Australian Prudential Regulation Authority (APRA)-regulated super funds may easily lead to attracting an excess transfer balance cap determination and the associated tax penalty, a technical expert has warned.

Complying with the licensing regime now applying to accountants wanting to service SMSF clients with financial advisory services has not been the largest hurdle for these practitioners to successfully transition their businesses, a specialist licensing consultant has said.