An argument has erupted over what business model will allow self-managed superannuation specialists to provide the best advice in the area.

When looking to hold risk cover inside an SMSF, advisers must ensure the ownership of the policy rests with the super fund itself and not with the individual members, two industry experts have said.

SMSFs will increasingly challenge institutions to improve their use of digital technology, Deloitte Touche Tohmatsu’s expert in the area has predicted.

Interacting promptly with the Australian Taxation Office (ATO) when superannuation taxation disputes arise provides advisers with the best chance of resolving their clients’ cases, as well as reducing costs, according to an industry lawyer.

The Australian Taxation Office (ATO) will investigate a large number of SMSF auditors who it believes may be failing in their obligations for independence, Australian residency and complying with audit standards.

Whether to provide annual or daily administration services for SMSFs comes down to several factors, including what is appropriate for the client/adviser combination.

All SMSF practitioners would like to maximise the value of their business when it’s time to leave. Craig West details some of the critical elements in accomplishing this goal.

The SMSF Professionals’ Association of Australia (SPAA) will release best practice guidelines on limited recourse borrowing arrangements for lenders and advisers as one of its key initiatives for 2014.

Assistant Treasurer Arthur Sinodinos yesterday said the government would not undertake a specific review of limited recourse borrowing arrangements (LRBA) in the SMSF sector.