Providing advice and services for SMSF clients remains an outstanding opportunity for accountants as the accounting-only business model for these practitioners is rapidly becoming obsolete, according to the head of a specialist software organisation.

Trustee lobby group SMSF Owners’ Alliance (SMSFOA) has hit out at the Grattan Institute’s recommendation that yearly concessional superannuation contributions caps be set at $11,000.

Accountants looking to provide financial advice need to be mindful of the litigation risk associated with those services, according to an insurance specialist.

An SMSF education specialist has recommended advisers and trustees alike should hold conversations with the ATO to negotiate workable compliance outcomes, no matter how unlikely the suggested solution may seem.

SMSF advisers must be mindful of purpose-built trust deeds as they might restrict the activities of a fund, which could result in an inadvertent compliance breach and possible legal action against the practitioner, according to a leading sector educator.

The latest study into the future of the Australian superannuation landscape has predicted SMSFs will continue to be the dominant retirement savings vehicle for individuals in their retirement years.

The ATO has confirmed it considers the practice of offering low-cost SMSF audits as a high risk factor and as such will be continuing to scrutinise individuals offering this type of service.

A number of industry submissions to the Inquiry into Economic Security for Women in Retirement have called for changes to the contributions caps to allow women with interrupted workforce participation to amass sufficient savings to fund their retirement.

The Australian Securities and Investments Commission (ASIC) has brought criminal charges against Grant Ross, including one count of carrying on an unlicensed financial services business and three counts of engaging in unlicensed credit activity.