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.

SMSF specialist administrator SuperGuardian has teamed up with Xpress Convert to launch a service providing a seamless transition to the Class Super administrative platform.

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.