Recent CoreData research on accountants servicing SMSF clients has shown a good proportion of them are still undecided about how they will respond to the new licensing laws.

While technology has helped make the audit of SMSFs more efficient and less time consuming, auditors cannot rely solely on it to perform their professional duties, a specialist in the space has said.

In order to attract the right type of SMSF clients, accountants need to build a specific brand for the target audience, the head of a data research house has said.

Practitioners providing advice on property investments within an SMSF need to take into account all of the tax implications involved to ensure their clients enjoy the full financial benefits from their property allocations, according to a sector specialist adviser.

The SMSF Professionals’ Association of Australia (SPAA) has teamed up with Macquarie to undertake a research project on the business structures of a variety of SMSF practitioners.

SMSF trustees need to review their funds to determine if there are any current compliance issues that require addressing before having a heavy personal penalty imposed upon them under the new regime to be introduced on 1 July, according to a specialist superannuation law firm.

An expert in the SMSF sector has suggested the government should make it possible for trustees to refund inadvertent breaches of the non-concessional contributions cap in the same way they can with concessional cap breaches to make for a more streamlined compliance regime.

SMSF trustees wanting to hold risk cover, such as total and permanent disablement (TPD) insurance, containing own-occupation definitions need to act now before new rules governing the sector come into effect on 1 July, according to a specialist legal practitioner.

The new reporting requirements for unallocated concessional contributions received by an SMSF in June will increase the amount of administration required for individuals looking to manage their own retirement savings, according to Heffron SMSF Solutions.