The ATO had so far applied its new administration penalty powers for SMSF compliance breaches in a moderate and conciliatory manner, according to a lawyer.

Recent Investment Trends research into the accounting profession revealed practitioners considering obtaining a limited Australian financial services licence (AFSL) still felt more support was needed in the decision-making process.

The issue of whether SMSFs can receive United Kingdom pension rollovers has taken a positive turn, with the latest release of the Qualifying Recognised Overseas Pension Scheme (QROPS) list including one self-managed fund.

Chartered Accountants Australia and New Zealand (CAANZ) head of superannuation Liz Westover has used her opening speech at the professional body’s National SMSF Conference 2015 today to strongly encourage accountants to start their licensing process if they have not already done so.

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.