The ATO has announced it will come down heavily on SMSFs participating in what are perceived as tax avoidance schemes during the 2016 financial year.

Financial advisers needed to assist SMSF trustees to dispel some of the myths about the sector and superannuation in general to ensure the best strategies could be implemented for those funds and that they remained compliant, according to a former ATO official said.

The SMSF Association (SMSFA) has rejected suggestions first homebuyers be allowed access to their superannuation benefits to help finance the purchase of a dwelling.

Independent financial services licensee Capstone has partnered with the Tax Institute to provide educational, support services and a licensing option for members of the professional body seeking to provide financial advice under the new Future of Financial Advice rules.

The Australian Securities and Investments Commission (ASIC) has permanently banned Nicholas Hunter from the financial services industry after the corporate regulator’s investigation found he had acted illegally and is bankrupt.

Accountants aiming to operate under a limited Australian financial services licence (AFSL) need to know exactly how specific product advice affects them in order to define their activities legally, according to an industry lawyer.

Three significant bodies operating in the SMSF space have issued a warning to accountants wanting to provide advice under a limited Australian financial services licence (AFSL) in the new Future of Financial Advice (FOFA) environment to start the process immediately.

Specialist SMSF administration service provider Superfund Wholesale has announced it is ultimately aiming to service 10,000 self-managed funds.

An SMSF Association social media forum has revealed practitioners remain frustrated over the amount of time it takes the ATO to provide SMSFs with an Australian business number (ABN).