Accountants have been told to step up to the challenge of servicing their SMSF clients as their role has only been reinforced by the new super reforms, along with the added requirements around the ATO’s transfer balance account report (TBAR) regime.

The process behind how assets held in an SMSF have been valued is the most important element and not who actually valued the assets, a senior executive with a large chartered accounting firm has said.

There are significant prospects for SMSF accountants that choose to embrace robo-advice for their clients as well as financial technology, or fintech, more broadly.

SMSF accountants and advisers have been warned to exercise additional care when determining total super balances as two different market values could result in contributions consequences for clients.

The choice to reset the cost base of an asset when applying for capital gains tax (CGT) relief requires SMSF advisers to understand how their clients think and behave when it comes to following through with their plans.

More SMSF accountants are turning to platforms now that there has been a discernible departure from the traditional, clunky ‘old-world’ platforms to more accountant-friendly and broader investment offerings.