A co-regulatory model for SMSFs could result in the sector benefitting from the best of both types of regulation, prudential and compliance, according to a specialist industry adviser.

SMSF trustees must take full responsibility for their decisions as breaches to investment standards could lead to problems with the sole purpose test as well as possible non-compliance, an industry expert has warned.

SMSF auditors would need to remain vigilant when reporting contraventions and ensure trustees understood how these would be dealt with according to the new penalty regime the Australian Taxation Office (ATO) introduced this financial year.

Accountants will need to adopt a new business model if they want to continue to be successful in the SMSF space in years to come, one specialist practitioner has said.

The financial services industry must present a united front to government in order to safeguard superannuation and solidify confidence in the system, SMSF Association patron Sir Anthony Mason said today.

The super industry could prepare for the ageing population by pushing government to consider a two-tiered approach to the system in order to relieve future strain on the budget, a senior public servant said today.