The state of record-keeping and trust deeds for pensions was not up to scratch and more care was needed to be better organised for any future changes to the account, according to a specialist SMSF lawyer.

The Institute of Public Accountants (IPA) has called on the government to repeal legislation that prohibited personal concessional contributions where the members earned more than 10 per cent of their income from employment services.

SMSF auditors faced potential liability for failing to comply with their explicit responsibilities, as many did not realise what the full obligations entailed, according to a specialist industry practitioner.

SMSF practitioners must take greater heed of potential red flags than ever before as sophisticated crimes in the sector were on the rise, according to a fraud prevention specialist.

Accountants not pursuing a limited or full Australian financial services licence need to realise they will have no discretion in relation to providing advice after the accountants’ exemption is removed on 1 July 2016 and risk being sued if they do give advice.

Accounting and advice practices have a greater chance of becoming profitable if they push beyond compliance and ensure clients feel looked after by offering value-add services and providing relevant content and information.

The SMSF Association has slammed proposals to open up superannuation to a variety of uses, warning such a move ran the risk of destroying the primary objective of the compulsory super scheme.

SMSF business owners must ensure they refined their ideal client, as a single value proposition for SMSF services and advice was no longer viable, according to an industry expert.

The “2015 Intergenerational Report” has reinforced the urgency around improving policy frameworks for superannuation, as current measures will not sustain the enormous demographic shift facing Australia, industry participants have said.