Accountants and advisers of SMSF trustees should take action to rectify any breaches before the Australian Taxation Office’s (ATO) new powers to penalise non-compliance come into effect on 1 July, The SMSF Academy’s managing director has said.

Legislation and regulations for advice on property investment will be hard to achieve, despite being much needed, however, the financial services industry could still look at ways to improve the process and experience for investors.

Rapid technological change will drive efficiencies in the SMSF space, but the thinking around administration capabilities must be separated from investment opportunities.

Recent analysis into SMSF investors has revealed a marked and continual move out of cash, with unitised trusts and listed trusts receiving positive flows.

Heffron SMSF Solutions’ most recent “SMSF Borrowing Data Report” showed the majority of limited recourse borrowing arrangements (LRBA) had been advised by a financial adviser, with adviser involvement expected to grow.

Greater regulation of real estate investments, particularly in SMSFs, is inevitable, with specialist licensing measures likely to be introduced for those providing property advice, according to a property director.

Fund managers looking to participate in the SMSF arena need to clearly demonstrate value to SMSF investors, particularly through outcomes investors cannot replicate themselves, according to the chief of BT Investment Management (BTIM).

The Institute of Public Accountants (IPA) has urged the federal government to review the 10 per cent rule as it restricted a number of Australians from making personal concessional contributions into their super.

AMP Capital will continue to engage with the SMSF sector and advisers for feedback to determine the next offering it will bring to the market.