Changes to the asset test rules for the age pension have had “significantly adverse and presumably unintended consequences” and dissuade middle-income wage earners from saving, according to the SMSF Association.

Many advised and unadvised SMSFs as well as adviser groups remain in the dark on the requirements around the incoming Markets in Financial Instruments Directive (MiFID II) regulatory regime, including being unaware of what a legal entity identifier (LEI) is.

There has been an influx of queries from SMSFs about the potential impact of the new Markets in Financial Instruments Directive (MiFID II) reporting regime as awareness remains low, according to APIR Systems.