Accounting and financial planning practices must ensure their businesses are not dominated by a single service in order to remain competitive in financial services, particularly as the convergence of both industries in the advice arena increases.

The Accounting Professional and Ethical Standards Board (APESB) is looking to find a compromise with the Institute of Public Accountants (IPA) for the APES 230 measure, with both bodies committed to an open dialogue.

The Australian Taxation Office (ATO) needs to provide further clarification about its decision to axe the use of cross-insurance within SMSFs as a number of issues have resulted from the move.

Emerging infrastructure developments were capturing the attention of SMSF investors, with allocations to the asset class primarily being driven by advisers, according to AMP.

Financial advisers and accountants must acknowledge the scope of their fiduciary relationships, particularly where their duties may exist beyond the direct client to other family members, an expert SMSF lawyer has said.

The take-up of exchange-traded funds (ETF) by SMSFs will rise strongly over the coming years as the number of trustees currently invested in the products was comparatively low against the 520,000-plus funds in existence.