The future of the SMSF advice proposition will mimic the same shift experienced by other industries whereby services will be mass produced yet remain customisable for clients.

Blockchain could potentially act as the underpinning technology for SMSFs and superannuation funds more broadly to consolidate the sectors and reduce costs, according to an SMSF specialist. 

Removing a member from an SMSF is not a simple process, particularly where there is a dispute or some animosity among members.

SMSFs reporting on an annual basis under the ATO’s transfer balance account report (TBAR) regime should still endeavour to lodge in a timely manner, a specialist industry lawyer has warned.

The key ingredient to building a successful wealth management practice is access to data, the head of a software company has said.

SMSF practices must factor in the amount of time advisers will need to dedicate to working out capital gains tax (CGT) relief for their clients as every fund will be different, a technical expert has warned.

The reluctance to use and switch to data feed automation for SMSFs has been cited as an ongoing issue for trustees, however, it is more concerning for the older generation of clients.

Advisers and accountants reporting under the transfer balance account report (TBAR) regime for their pension SMSF clients must now be using up-to-date software in their practices rather than spreadsheets, an administrator has warned.