Accountants currently considering their licensing options allowing them to continue servicing their SMSF clients must assess all of the associated costs rather than just the initial expenses incurred when acquiring the licence, according to the head of a major accounting firm.

Accountants operating in the SMSF space who are assessing their licensing options in regard to the future direction of their practices need to be aware of the different training requirements associated with the various courses of action, according to a senior executive of a major professional body.

Providing strategies for clients is the cornerstone of successful SMSF advice businesses and outweighs both structural and investment advice, according to a business specialist servicing the sector.

A senior consultant from actuarial firm Rice Warner has offered some clarification regarding the cost analysis of SMSFs performed by his company, on behalf of the Australian Securities and Investments Commission (ASIC) sector taskforce, in the wake of criticism from certain quarters of the industry.

The Australian Taxation Office (ATO) will respond to every auditor contravention report (ACR) it receives this financial year as part of its compliance activities.

Specialist business consulting firm SMSF Design has launched a Client Strategy Matrix to help accountants and advisers improve their revenue streams in response to the sector’s rapidly changing practitioner landscape.

Providing a successful SMSF administration service does not necessarily have to involve the employment of low-cost offshore operations, according to a Perth-based practitioner celebrating his 20th anniversary in the business.

Accountants who add SMSF financial advisory services will not only increase their current revenue streams, but will also reap the benefit of being able to attract a higher selling price for their practices when they are ready to retire, according to the head of a large financial services firm.

The Australian Taxation Office (ATO) has announced its intention to make zero interest related-party loans to SMSFs unattractive by defining the income derived from the assets acquired through these loans as non-arm’s-length, which will result in a substantial tax liability.