Sectors of the financial services industry that prove to have a low level of compliance issues should be given discounts when it comes to the funding model for the Australian Securities and Investments Commission (ASIC), the SMSF Association has said.

SMSFs may now be the only superannuation structure to accommodate pension commutation notifications required to be lodged by 30 June under Practical Compliance Guideline (PCG) 2017/5 for members to adhere to the new transfer balance cap, according to a retirement savings technical expert.

BGL Corporate Solutions has released important 2017 tax and compliance functionality for its SMSF software, Simple Fund 360.

SMSF trustees should not be concerned the obligation to adopt real-time reporting, as a result of the super reforms brought down in last year’s budget, will lead to a significantly onerous administrative burden for their funds in the future, a technical expert has said.

Knowing how to comply with the $1.6 million transfer balance cap (TBC) to be introduced on 1 July is the issue SMSF trustees are most worried about as indicated by the five most frequently asked questions of the ATO.

The SMSF Association has urged trustees to seek specialist advice in order to make the most of the super reforms, as well as ensure their funds comply with the new regulations.

A sector consultant has predicted an increase in the use of unit trusts by SMSFs as a means of making compliance with the $1.6 million transfer balance cap under the new superannuation measures easier for trustees in certain circumstances.

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.