The ability for SMSF auditors to be across all issues present in the sector continues to be a challenge and potentially a significant risk, according to an insurance expert servicing the space.

The Australian Taxation Office is turning to issuing garnishee notices on individuals’ superannuation savings as a means of recovering money owed to it and has already made an unsuccessful attempt to do so.

SMSFs will dominate post-retirement assets for the next two decades, the latest Deloitte study into the Australian superannuation industry has revealed.

The Australian Securities and Investments Commission (ASIC) has revealed the total number of individuals who have become registered SMSF auditors has more than tripled since April, increasing from 1500 to 7035.

Despite a third of SMSF trustees stating they have unfulfilled advice needs, financial planners are starting to address these specific topics for clients, according to research from Investment Trends.

As a result of the latest tax ruling on pensions, putting together a plan for a retirement income stream, in regard to segregated or non-segregated income assets, has become a strategy with a focus on an SMSF member’s living years rather than providing for a definite result upon the death of an SMSF member, according to a technical expert covering the sector.

SMSF auditors transitioning their operations to be more electronically based need to be aware that verification of the data used in the audit process remains as a high priority, an industry expert has said.

The importance of financial advisers with SMSF clients playing a strategist role will be more important than ever with the increasing intergenerational nature of these funds, according to a dealer group head.

Research firm CoreData has announced the 23 winners in the inaugural CoreData SMSF Service Provider Awards, recognising the best providers to the sector as determined by SMSF members and their advisers.