AMP has rejected the Australian Securities and Investments Commission’s (ASIC) proposal for SMSF advisers to disclose when an SMSF may be a cost-effective retirement savings vehicle compared to other superannuation funds.

The use of specific procedures, such as a conditional pension and the appointment of a fund member’s guardian, can help ensure death benefits are distributed as per the wishes of a deceased SMSF member, according to a recognised industry lawyer.

Heavy regulation and compliance requirements brought on by the corporate regulator as part of the Future of Financial Advice (FOFA) reforms have stalled the industry’s push towards professionalism.

Running multiple pensions within an SMSF, as opposed to commuting and restarting an existing pension, has significant tax advantages, according to an industry expert.

Practitioner misunderstanding regarding market valuations for SMSF assets remains prevalent, especially issues such as when a valuation is needed and who can provide one, according to a specialist sector auditor.

Melbourne-based credit specialist fund manager La Trobe Financial has introduced a loan facility for SMSFs looking to implement limited recourse borrowing arrangements (LRBA) to acquire fund assets.

The SMSF sector has responded enthusiastically to Treasurer Joe Hockey’s announcement last week to scrap the proposed tax on pension income over $100,000.

The Australian Taxation Office (ATO) will take a tougher stance on the non-lodgement of SMSF annual returns by removing funds from Super Fund Lookup.

The Australian Securities and Investments Commission (ASIC) is proposing an increase in the disclosure requirements for SMSFs.