SMSF advisers will need to revisit the trust deeds of their clients to confirm funds have the ability to refund excess non-concessional contributions under the proposed new rules handed down in the federal budget last month, according to a superannuation commentator.

SMSF trustees need to be vigilant about managing their contributions in the lead-up to 1 July to ensure they get the maximum advantage from the increased non-concessional contributions caps about to be applied, according to an accounting firm’s superannuation expert.

While the SMSF auditor registration requirement has reduced the number of individuals servicing the sector, it has improved the quality of the audits being performed, according to a senior official with the Australian Taxation Office (ATO).

The date for SMSFs to be able to receive contributions electronically from employers with 20 or more staff members under the new SuperStream rules has been pushed back.

The Australian Taxation Office (ATO) is optimistic the new penalty regime available to it from 1 July will cut down repeated compliance breaches by SMSF trustees.

Following a review into the administration of the excess contributions tax (ECT) regime, the Inspector-General of Taxation (IGT) has recommended a total of 11 changes be made to the existing system.

CMC Markets Stockbroking has announced its pricing levels for the new Australian Securities Exchange (ASX) mFund unlisted managed funds settlement service.

Treasury has endorsed having a non-prudential regulator, namely the Australian Taxation Office (ATO), govern the operation of the SMSF sector.

Trustees need to assess SMSF product offers with greater scrutiny or risk incurring heavy fines under the Australian Taxation Office’s (ATO) new penalty regime, a specialist superannuation lawyer has said.