A leading law firm has advised proactive action within an SMSF and communication with the Australian Taxation Office (ATO) are the most effective means of dealing with a fund contravention.

Changes made late last year to the draft legislation tabled in parliament governing the refund of excess non-concessional contributions (NCC) have provided further clarity on how the rules will operate and a positive result for SMSF trustees already drawing a pension.

An improvement in two major troublesome compliance areas has been reflected in recent SMSF research performed by financial services firm Partners Wealth Group.

The draft legislation on limited recourse borrowing arrangements (LRBA) should be introduced into Parliament, as it provided much-needed clarity on which entity was responsible for income tax, according to Strategy Steps.

BT Investment Management (BTIM) is continuing to invest in its SMSF strategy via the private client and high net worth individual (HNWI) channels after experiencing early success.

The ATO has removed the display of the electronic service address, referred to as an alias, on its register of SMSF messaging providers.

AMP SMSF has strengthened its sales team with the appointment of Trevor Clisby to the role of SMSF solutions manager.

A significant proportion of accountants servicing the SMSF sector are intending to use the Australian Securities Exchange (ASX) mFund Settlement Service for their clients in the immediate future, according to the latest Investment Trends research.

The SMSF Owners’ Alliance has welcomed Assistant Treasurer Josh Frydenberg’s call for greater scrutiny of the governance of Australian Prudential Regulation Authority (APRA)-regulated superannuation funds, especially in regard to trustee independence.