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.

Advisers and accountants servicing clients on the transfer balance account report (TBAR) requirements need to revisit existing processes and business models within their businesses, according to an SMSF expert.

Advisers and accountants will need to think about how they intend on charging clients when servicing them for the new transfer balance account reporting (TBAR) requirements, according to an SMSF expert.

The Australian Securities and Investments Commission (ASIC) has updated its guidance for accountants who provide SMSF services to cover the exemption from Australian financial services licence (AFSL) requirements for tax and business activity statement (BAS) agents.

SMSF accountants should embrace the latest technological developments rather than fear the worst as all industries have to deal with the impacts of rapid change, according to an accounting software provider.