Financial advisers must have a set of procedures in place to facilitate the wind-up of an SMSF, according to an industry expert.

In its submission to the federal government’s tax white paper, the SMSF Association has expressed its preference for the tax rules applying to superannuation to remain unchanged.

Lobby group the SMSF Owners’ Alliance has formed a policy advisory council for the purpose of providing strategic advice to the body’s board on how to best represent the interests of its members.

The latest research into the SMSF sector has revealed the majority of service providers offering compliance and administration services continue to do so on an annual basis.

The SMSF Association has thrown its support behind the co-regulatory method suggested by the Parliamentary Joint Committee on Corporations and Financial Services as a means to improve the professional standards of the financial advice industry.

Accountants operating a small practice who are assessing their licensing options that will enable them to continue servicing their existing SMSF clients should be aware they are more prone to be significantly affected by regulator examination, according to a specialist lawyer.

In its tax white paper submission, the SMSF Owners’ Alliance (SMSFOA) has thrown its support behind the adoption of a taxed-exempt-exempt (TEE) taxation system for superannuation, recommended by Ken Henry in his “Australia’s Future Tax System” report in 2010.

Licensing for Accountants has launched a suite of interactive tools to assist practitioners wanting to operate under an Australian financial services licence with their educational requirements.

SMSF advisers and trustees must be guided by the most recent fund trust deed available when determining the validity of a binding death benefit nomination (BDBN) after a deed amendment, according to a specialist lawyer.