Chartered Accountants Australia and New Zealand (CAANZ) is still searching for a new head of superannuation but has revealed it will officially commence the recruitment process for the role.

The latest ATO industry data has shown the average SMSF asset balance has reached a record high and the sector has generated another year of positive returns.

The year 2015 has been significant for the SMSF sector as recognition of specified professionals operating in the space came to fruition, according to SMSF Association chief executive Andrea Slattery.

The beginning of 2016 is a good opportunity for SMSF trustees and advisers to ensure funds are in good shape and on the right track for the future.

SMSF trustees were displaying a marked improvement in the way they assessed and compared exchange-traded funds (ETF), according to ANZ ETFS.

The ability of SMSF advisers and accountants to provide a one-stop shop for the advice needs of trustees will possibly be the biggest challenge for the sector in the coming year, according to a research house executive.

When reporting SMSF breaches, auditors must provide thorough and succinct information to the ATO, ensuring no other conclusions can be drawn.

BT Financial Group (BTFG) has launched the key features of its new SMSF administration service, BT Panorama SMSF, which was scheduled to be rolled out early next year.

The Australian Securities and Investments Commission (ASIC) is continuing its scrutiny of property developers targeting SMSF trustees and in particular it is investigating incentive schemes being offered to advisers to direct these investors toward the asset class.