The Australian Taxation Office (ATO) has expressed its concern as to whether individuals are establishing their SMSFs for the right reasons and uses.

The Self-managed Independent Superannuation Funds Association (SISFA) has refuted recent claims from certain quarters of the industry that there is systemic risk involved with the SMSF sector.

The Institute of Chartered Accountants in Australia (ICAA) has cautioned its members who are registered SMSF auditors to fulfil their additional educational requirements before the annual renewal of this registration.

AMP Capital made two of its existing managed funds available to SMSF investors with a view to provide greater diversification in their property and cash, or defensive, portfolio allocations.

The Australian Securities and Investments Commission (ASIC) will be pursuing a hard enforcement line once the new licensing regime governing accountants offering SMSF advice comes into play, according to a senior executive of a peak accounting body.

The Australian Taxation Office (ATO) has implemented a pilot program to investigate the misuse of registered auditors’ numbers on SMSF annual returns.

Courses trustees will have to undergo after receiving an education direction as part of the new Australian Taxation Office (ATO) regulatory powers are likely to be offered by industry associations and only a limited number of commercial organisations servicing the space, according to an industry expert.

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.