Changes to the asset test rules for the age pension have had “significantly adverse and presumably unintended consequences” and dissuade middle-income wage earners from saving, according to the SMSF Association.

Revenue and Financial Services Minister Kelly O’Dwyer has announced Treasury will review the rules controlling the early release of superannuation on severe financial hardship and compassionate grounds.

Many advised and unadvised SMSFs as well as adviser groups remain in the dark on the requirements around the incoming Markets in Financial Instruments Directive (MiFID II) regulatory regime, including being unaware of what a legal entity identifier (LEI) is.

Parliament has legislated the downsizing measure that will allow older Australians to contribute the proceeds of the sale of their family home to super, and the First Home Super Saver Scheme (FHSSS) where first-home buyers can save for a deposit inside their super fund.

There has been an influx of queries from SMSFs about the potential impact of the new Markets in Financial Instruments Directive (MiFID II) reporting regime as awareness remains low, according to APIR Systems.

The SMSF Association is currently in the process of examining what impact the new Financial Adviser Standards and Ethics Authority (FASEA) will have on its industry activities.

The Australian Securities and Investments Commission (ASIC) reported 1211 applications for limited Australian financial services licences (AFSL) were received between July 2016 and June 2017.