In an increasingly globalised world, advisers must be aware of the challenges involved in transfers from overseas superannuation funds as they stretched far beyond foreign exchange considerations, according to an SMSF specialist.

The Australian Securities and Investments Commission (ASIC) has issued a warning on accountants becoming licensed, with less than five months to go before the new regime commences.

The definition of an SMSF should be a straightforward concept, but a number of legal determinations and exceptions have clouded this picture, presenting potential issues for the fund, the trustee and the adviser.

Income bucketing strategies have proved effective for many SMSF trustees due to their ability to help retirees maintain a disciplined approach to investment while providing them with regular income payments.

Australia’s superannuation industry needed to focus and move forward on what united it instead of becoming fixated on divisive issues, SMSF Association chief executive Andrea Slattery said today.