Artificial intelligence (AI) and machine learning provide the possibility of enabling SMSF software and systems to autonomously and automatically pick out funds that have issues, lessening the burden of compliance on practitioners, according to BGL Corporate Solutions managing director Ron Lesh.

The availability of information needed to comply with the ATO’s new real-time reporting requirements remains a concern for the sector, but the regulator’s attitude to the issue remains unchanged, a senior SMSF technical executive has said.

Capital gains tax (CGT) relief available to SMSFs looking to comply with the newly imposed transfer balance cap will have to be applied on a case-by-case basis, creating further complexity for advisers and trustees in the preparation of fund accounts, a technical services manager has said.

The SMSF Association has applauded the ATO’s decision to seek industry feedback on a quarterly option for events-based reporting under its transfer balance account report (TBAR) regime.

Revenue and Financial Services Minster Kelly O’Dwyer has announced the federal government’s intention to introduce a bill into Parliament this year to shut down a loophole allowing employers to reduce their obligations under the superannuation guarantee (SG) levy if an employee enters into a salary sacrifice arrangement.

Accountants using white-label statement of advice (SOA) services must ensure their templates are specifically tailored to each client, as well as kept up to date with the ongoing changes to the super reforms, in order to meet Australian Securities and Investments Commission standards.

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.