Parents need to be cautious about including children in their SMSF and should ensure protective measures are incorporated into the operation of the fund in these types of structures, an expert SMSF lawyer has said.

The average contributions figure for self-managed funds for the year ended 30 June 2013 was $35,200, representing a fall of $12,300 from the previous year’s average of $47,500, the latest “Multiport SMSF Investment Patterns Survey” revealed.

The recent Australian Taxation Office ruling on pensions, TR 2013/5, created the opportunity for advisers to employ new advantageous methods for commencing a pension and liaising with clients, according to a specialist superannuation lawyer.

The latest SMSF Professionals’ Association of Australia (SPAA) polling has found 25 per cent of the industry body’s accounting members yet to be licensed as per the new advice framework have decided to continue to service the sector under some sort of licensing arrangement.

A recent trend occurring in the SMSF space is seeing existing trustees including individuals from generation Y as new members of their superannuation funds.

The number of automated data feeds incorporated into Class Super’s specialist administration platform has now exceeded 100 with the addition of Bendigo and Adelaide Bank, CMC Markets Stockbroking and Baker Young as new data partners.

SMSF advisers looking to formulate an investment strategy for their clients need to recognise that knowing the client and knowing the assets in the portfolio are not the same, according to an investment specialist.

Recent SMSF research performed by Macquarie and the SMSF Professionals’ Association of Australia has shown individuals intending to set up this type of super fund are often concerned about their own financial worries.

Many SMSFs holding collectables or personal assets may be in breach of the Superannuation Industry (Supervision) (SIS) Act 1993 due to inadequate insurance cover, according to an industry insurance specialist.