The latest ATO industry data has shown the average SMSF asset balance has reached a record high and the sector has generated another year of positive returns.

The latest CommSec analysis shows diversification among SMSF share portfolios appears to be less of a concern than previously thought, with trustees holding more varied holdings than those of non-SMSF retail investors.

The SMSF Association has endorsed the federal government’s draft legislation to raise financial adviser professional standards, describing it as an important step in enabling quality financial advice to be delivered and building consumer trust in the industry.

The threat of automated processes eliminating accountants and smaller administrators from the SMSF administration space is not as big or immediate as is being made out, according to an industry executive.