The SMSF sector should have been incorporated into the financial advice education and professional standards that were introduced into Parliament last year, according to an industry consultant. 

SMSF members hold a number of advantages over other superannuation structures via their direct involvement with their fund, including the ability to closely monitor employer contributions, according to the SMSF Association.

The incoming legislative changes to the superannuation system are driving renewed interest in system automation, with a significant number of new portfolios coming from manual SMSF accountants using Excel and generic general ledgers, according to Class.

The Institute of Public Accountants (IPA) has come out in support of the proposed industry funding model to support the Australian Securities and Investments Commission (ASIC) and believes it will deliver positive regulatory outcomes.

The SMSF Association has hit out at what it considers an industry myth that the sector of the superannuation industry made up of self-managed funds is unregulated.

The Australian Securities and Investments Commission (ASIC) has revealed it will carry out visits to businesses with new limited licence accountants to ensure the regime is operating well, but to also examine whether there are any lingering issues.

The Australian Securities and Investments Commission (ASIC) has stressed accountants must take the necessary action to comply with the new licensing rules governing the provision of SMSF advice by the 1 July deadline or suffer the associated punishment.

A number of recent specific advice rulings from the ATO show the fine line in determining whether an apartment in a resort complex will be considered business real property for the purposes of the Superannuation Industry (Supervision) Act and regulations.