The Australian Securities and Investments Commission (ASIC) has frozen the assets of failed financial services group Charterhill owner George Novak and his wife, Betty Novak.

The federal government has made a commitment to reassess the superannuation contribution cap limits in order to lessen the instances of accidental breaches that lead to severe penalties for individuals.

The latest Association of Superannuation Funds of Australia (ASFA) data on superannuation adequacy has shown the level of savings that will allow people to lead a ‘comfortable’ lifestyle in retirement has risen.

The SMSF Professionals’ Association of Australia (SPAA) has launched an online networking facility for delegates at its upcoming national conference in Brisbane next month.

New products and services being developed and offered by industry and retail funds will not slow the popularity or growth of the SMSF sector in the coming years, particularly among retirees, according to a retirement savings expert.

SMSF trust deeds selected purely on a cost basis are increasing the level of risk an adviser takes on due to their lack of detail and sophistication in covering certain critical areas, such as estate planning, according to a specialist sector lawyer.

A recent Victorian Supreme Court ruling has highlighted the need for SMSF trustees to exercise caution when deciding on action around binding death benefit nominations (BDBN).

Tax legislation passed in 2012 ending the classification of superannuation assets as trading stock and in effect treating them as capital items can be advantageous for some SMSF portfolios, according to an SMSF specialist lawyer.