The SMSF Professionals’ Association of Australia (SPAA) has strongly endorsed the government’s clarification of its position regarding the Future of Financial Advice (FOFA) amendments, labelling it a step in the right direction for the financial advice industry.

SMSF advisers will need to revisit the trust deeds of their clients to confirm funds have the ability to refund excess non-concessional contributions under the proposed new rules handed down in the federal budget last month, according to a superannuation commentator.

Advisers and accountants considering commercial property for portfolios must ensure they know the ins and outs of the asset class before advising their clients on its opportunities or undertaking any investments.

Financial advisory firm William Buck has warned it is more important than ever for SMSF trustees to understand and adhere to their legal obligations so as not to incur significant fines in the wake of the new compliance penalty regime that will come into effect on 1 July.

The federal government’s decision to extend the time frame within which superannuation funds have to comply with the new SuperStream arrangements has come under fire from an industry practitioner.

SMSF trustees need to be vigilant about managing their contributions in the lead-up to 1 July to ensure they get the maximum advantage from the increased non-concessional contributions caps about to be applied, according to an accounting firm’s superannuation expert.

While the SMSF auditor registration requirement has reduced the number of individuals servicing the sector, it has improved the quality of the audits being performed, according to a senior official with the Australian Taxation Office (ATO).

The date for SMSFs to be able to receive contributions electronically from employers with 20 or more staff members under the new SuperStream rules has been pushed back.

The SMSF Professionals’ Association of Australia (SPAA) has expanded its executive team with two key appointments.