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. 

The recording of SMSF assets under the proper name or entity is an issue the ATO has ranked among its top 10 current compliance problems.

Exactly whose responsibility it is to inform clients about compliance issues in relation to the new superannuation legislation remains unclear and may lead to legal issues for SMSF practitioners, according to an industry lawyer.

Greater attention to detail must be applied when dealing with SMSF clients undertaking a divorce as the incoming super changes starting on 1 July will provide both positive and negative opportunities.