The Australian Taxation Office (ATO) has implemented a pilot program to investigate the misuse of registered auditors’ numbers on SMSF annual returns.

Courses trustees will have to undergo after receiving an education direction as part of the new Australian Taxation Office (ATO) regulatory powers are likely to be offered by industry associations and only a limited number of commercial organisations servicing the space, according to an industry expert.

Accountants currently considering their licensing options allowing them to continue servicing their SMSF clients must assess all of the associated costs rather than just the initial expenses incurred when acquiring the licence, according to the head of a major accounting firm.

Accountants operating in the SMSF space who are assessing their licensing options in regard to the future direction of their practices need to be aware of the different training requirements associated with the various courses of action, according to a senior executive of a major professional body.

Providing strategies for clients is the cornerstone of successful SMSF advice businesses and outweighs both structural and investment advice, according to a business specialist servicing the sector.

A senior consultant from actuarial firm Rice Warner has offered some clarification regarding the cost analysis of SMSFs performed by his company, on behalf of the Australian Securities and Investments Commission (ASIC) sector taskforce, in the wake of criticism from certain quarters of the industry.

The Institute of Public Accountants (IPA) has urged the federal government to review the 10 per cent rule as it restricted a number of Australians from making personal concessional contributions into their super.

The Australian Taxation Office (ATO) will respond to every auditor contravention report (ACR) it receives this financial year as part of its compliance activities.

AMP Capital will continue to engage with the SMSF sector and advisers for feedback to determine the next offering it will bring to the market.