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.

AMP SMSF Administration managing director Andrew Hamilton is set to leave the financial services organisation in July.

The new indexed contributions levels recently announced by the Australian Taxation Office (ATO) will better facilitate in-specie transfers of commercial property into an SMSF for the 2015 financial year, according to Gadens Lawyers.

Accountants looking to acquire a limited Australian financial services licence (AFSL) to keep servicing SMSF clients need to be aware of the capacity constraints licensees will encounter as the 1 July 2016 deadline approaches, according to Count Financial chief executive David Lane.

The proposed amendment to the limited recourse borrowing arrangement (LRBA) rules could end up saving some trustees money, according to an expert superannuation lawyer.

SMSF administration platform provider Class Super is rolling out its new user interface facility to all of its existing customers.