The Australian Taxation Office is turning to issuing garnishee notices on individuals’ superannuation savings as a means of recovering money owed to it and has already made an unsuccessful attempt to do so.

SMSFs will dominate post-retirement assets for the next two decades, the latest Deloitte study into the Australian superannuation industry has revealed.

The Australian Securities and Investments Commission (ASIC) has revealed the total number of individuals who have become registered SMSF auditors has more than tripled since April, increasing from 1500 to 7035.

As a result of the latest tax ruling on pensions, putting together a plan for a retirement income stream, in regard to segregated or non-segregated income assets, has become a strategy with a focus on an SMSF member’s living years rather than providing for a definite result upon the death of an SMSF member, according to a technical expert covering the sector.

SMSF auditors transitioning their operations to be more electronically based need to be aware that verification of the data used in the audit process remains as a high priority, an industry expert has said.

The importance of financial advisers with SMSF clients playing a strategist role will be more important than ever with the increasing intergenerational nature of these funds, according to a dealer group head.

Global stock analyst Skaffold has acknowledged SMSF members as the individuals most interested in seeking information on international equities.

The Australian Taxation Office (ATO) has announced it will be performing more comprehensive audits as part of its compliance program for 2013/14, specifically concentrating on loans, related-party transactions and exempt current pension incomes.