The age of digital disruption was expected to prompt a dramatic decrease in the number of players involved in SMSF administration, according to an administration specialist.

Chartered Accountants Australia and New Zealand (CAANZ) head of superannuation Liz Westover has used her opening speech at the professional body’s National SMSF Conference 2015 today to strongly encourage accountants to start their licensing process if they have not already done so.

The ATO has announced it will come down heavily on SMSFs participating in what are perceived as tax avoidance schemes during the 2016 financial year.

Financial advisers needed to assist SMSF trustees to dispel some of the myths about the sector and superannuation in general to ensure the best strategies could be implemented for those funds and that they remained compliant, according to a former ATO official said.

Trustee obligations, as set out in the trustee declaration, must be made more implicit as trustees’ understanding of them was not only lacking, but they assumed their responsibilities were being taken on by the adviser or accountant.

The SMSF Association (SMSFA) has rejected suggestions first homebuyers be allowed access to their superannuation benefits to help finance the purchase of a dwelling.

Emphasising the benefits of advice as a return on investment (ROI) to clients rather than focusing only on the cost was a more effective way to overcome any pushback, a specialist business has said.

Arrangements to offshore SMSF administration and compliance in countries with cheap labour must not skimp on comprehensive training and education in relation to staff, particularly accountants.

Communicating with younger people setting up SMSFs has been flagged as the next challenge for the industry, as this generation has significantly different requirements for how they use and receive advice.