SMSF administration software specialist Class Super has announced the appointment of Panos Alexandratos as its new chief operating officer.

Despite the introduction of new rules allowing for the refund of excess contributions, the treatment of genuine mistakes still has not properly been addressed and needs review, according to a specialist SMSF lawyer.

A leading SMSF legal expert has implored advisers to consider the outcome of what a binding death benefit nomination (BDBN) is being put in place to achieve rather than just looking at the exercise as a mere formality.

The Australian Taxation Office’s (ATO) new industry consultation framework is to date working effectively, according to one industry participant.

Accounting firm Chan & Naylor has extended its service offering to include an SMSF administration facility and a national mortgage broking service.

SMSFs looking to make in-specie transfers before the end of the current financial year need to act now as these transactions generally take time to process, according to a specialist lawyer servicing the sector.

The SMSF Professionals’ Association of Australia (SPAA) remains positive about the development and growth of the sector despite the latest Australian Taxation Office (ATO) statistics reflecting a slight softening in the speed of fund establishments.

While the Australian Taxation Office (ATO) is revising its treatment of zero interest related-party loans, determining an appropriate rate of interest for these types of borrowings is not going to be a simple process, according to an SMSF technical expert.

The latest sitting of the Superannuation Industry Relationship Network has resulted in industry representatives requesting, from the Australian Taxation Office (ATO), greater clarity and perhaps a legislative fix in relation to SMSFs taking out zero interest related-party loans.