The different rules governing the transfer balance account report (TBAR) for SMSFs compared with Australian Prudential Regulation Authority (APRA)-regulated super funds may easily lead to attracting an excess transfer balance cap determination and the associated tax penalty, a technical expert has warned.

Complying with the licensing regime now applying to accountants wanting to service SMSF clients with financial advisory services has not been the largest hurdle for these practitioners to successfully transition their businesses, a specialist licensing consultant has said.

ASIC has granted an extension for providers of superannuation and retirement calculators to comply with the requirement generic financial calculators must account for inflation. 

The date order in which superannuation contributions are received under the First Home Super Saver Scheme can have tax implications, according to SuperCentral.

Advisers have been told to use extra caution around the value used on a transfer balance account report (TBAR) as many have been submitting the wrong figure.

The deadline by which SMSFs had to obtain a legal entity identifier (LEI) under the European-based Markets in Financial Instruments Directive (MiFID II) regulations has been extended by six months.

Many advisers are not across the traps of strategies using the downsizer contribution measure, with SMSFs needing to be particularly careful, a specialist software provider has warned.

Alternative recourse is available to SMSFs when the company acting as the fund’s corporate trustee has been deregistered, with the appointment of new corporate trustees an option, according to a law firm.