Exposure draft legislation released by the federal government last week contains clarity around changing a transition-to-retirement income stream (TRIS) into an account-based pension and will result in a reduction in the amount of compliance activity required ahead of 1 July.

The complexities and requirements of the superannuation changes commencing on 1 July will play a significant role in driving the SMSF sector to move closer to real-time reporting and up-to-date data, according to a technical expert.

The new capital gains tax (CGT) relief contained in the new superannuation legislation to be introduced on 1 July has raised concerns among practitioners as to the length and depth of the advice that can be provided on the topic within the confines of the licensing rules.

BGL Corporate Solutions believes automation is a must when it comes to meeting the new SMSF reporting requirements as a result of the superannuation changes commencing on 1 July.

The impending changes to the superannuation rules and the length of time the process has taken are causing advisers to question their understanding of the retirement savings system, according to a technical consultant in the industry.

The real-time pension reporting requirements for SMSFs are still yet to be determined after a recent announcement on the subject excluded any compliance standards for the sector.

SMSF advisers and trustees must be aware of the time frame applying to death benefits payouts under the new superannuation rules when assessing the type of reversionary pension to put in place, a superannuation lawyer has said.

SMSF clients needed to be compelled by their advisers to take action in relation to the upcoming changes to superannuation, according to an industry executive.

Topdocs has teamed up with Australian fintech start-up Accountants Scaled Advice Platform (ASAP) to help accountants servicing Australia’s 580,000 SMSFs deal with an expected unprecedented compliance squeeze at the end of the 2017 financial year.