Accountants looking to provide financial advice need to be mindful of the litigation risk associated with those services, according to an insurance specialist.

An SMSF education specialist has recommended advisers and trustees alike should hold conversations with the ATO to negotiate workable compliance outcomes, no matter how unlikely the suggested solution may seem.

The corporate watchdog has disqualified Manoj Abichandani of New South Wales from being an approved SMSF auditor, after it was determined he provided untruthful statements that were deliberately misleading and he was not a fit or proper person to be an SMSF auditor.

Former Chartered Accountants Australia and New Zealand (CAANZ) head of superannuation Liz Westover has been appointed as PwC Private Clients director, as part of its plans to bolster its SMSF practice.

The ongoing controversy around the taxation of Australian superannuation was damaging public confidence in the system, despite current operations working well, according to the SMSF Association (SMSFA).

SMSF advisers must be mindful of purpose-built trust deeds as they might restrict the activities of a fund, which could result in an inadvertent compliance breach and possible legal action against the practitioner, according to a leading sector educator.

The latest study into the future of the Australian superannuation landscape has predicted SMSFs will continue to be the dominant retirement savings vehicle for individuals in their retirement years.

The Financial Ombudsman Service (FOS) would apply to all pathways following the end of the accountants’ exemption, including where accountants choose to operate under referral arrangements.

Accountants opting not to get licensed to provide limited or full financial advice will still be able to act on many execution-only services, but must use caution and disclaim their scope up front, a specialist SMSF lawyer has warned.