CPA Australia has warned accountants the favourable transitioning rules currently in place for the new licensing regime regarding financial advice for SMSF clients will expire on 1 July 2016 with significant resulting consequences.

The onerous and time-consuming nature of implementing key SMSF strategies and tasks means advisers need to look at maximising the use of automation to alleviate this burden and ensure efficient execution of these elements, according to a sector expert.

Audit software company Auditflow has forged a strategic partnership that will see its cloud-based auditing facility made available to users of SMSF accounting and administration software specialist BGL Corporate.

Advisers need to position themselves as running either a boutique business or one that takes advantage of significant scale, according to a succession planning expert.

Specialist SMSF administration software provider Class Super has added an audit application to its offering.

The registration process has resulted in the number of SMSF auditors dropping significantly, but sector experts participating in a recent industry roundtable admitted they were anticipating a further reduction in the size of that group of professionals.

The Australian Taxation Office (ATO) has launched a mobile phone application to provide SMSF trustees with information to help them operate their funds more effectively.

The Australian Taxation Office (ATO) has expanded its support services for auditors in line with its growing reliance on the professional group to be the gatekeepers for the SMSF sector.

Accountants looking to add financial advice to their SMSF service offering are favouring the subject of risk cover over general wealth management, according to a licensee development manager.