Many SMSF accounting firms struggle to identify the best software solution for their circumstances and often choose technology under duress rather than recognising the triggers to allow for a critical review of their current platform.

Accountants are 10 per cent behind on their SMSF annual return lodgements compared to the end of May last year, despite a deadline extension, according to Class Super.

Accountants remain concerned about how they are going to execute their SMSF business in light of the new advice education standards and the limited licensing regime, according to AccountantsIQ.

Accountants servicing SMSFs have been told to exercise caution over the revolutionary technology and software that continues to impact on the sector as it may not necessarily meet their needs.

The Financial Adviser Standards and Ethics Authority new education standards will not have a significant impact on accountants advising on the establishment of SMSFs as many have already stepped away from this task following the introduction of the Future of Financial Advice (FOFA) reforms, according to an accounting body.

The 2018 budget measure increasing the maximum number of members in an SMSF from four to six will help improve the flexibility of these structures, but will come with some administration challenges, the director of an accounting firm has said.