SMSF trustees are showing different levels of concern when it comes to the impact of the recent super changes on their fund, resulting in advice and guidance opportunities according to their balance bracket, the latest industry research has found.

The legislation defining the sole purpose test will not need to be amended despite the announcement in the 2017 federal budget that will allow superannuation to be used to assist first home buyers, according to a senior technical professional in the industry.

The rapid innovation and developments occurring in the superannuation sector, particularly with SMSFs, have created reasonable concerns regarding whether the government and regulators are able to keep up with the pace and reduce the lag.

The Australian Securities and Investments Commission (ASIC) effectively increased its powers as a result of the Future of Financial Advice (FOFA) reforms through a relaxed burden of proof standard that can be used to justify the banning of a financial adviser.

Federal Treasurer Scott Morrison has used a recent SMSF community address to emphasise the transfer balance cap introduced on 1 July should be regarded as a transitional measure only.

The start of new concessional contributions (CC) and non-concessional contributions (NCC) caps, in conjunction with the bring-forward rule, from the 2016 federal budget super changes has added an element of complexity to any contributions advice given after 1 July.

The federal government has started the third and final stage of the review into the efficiency and competitiveness of the superannuation system, with the draft report due by the end of January 2018.

The SMSF Association has welcomed the introduction of an industry funding model for the Australian Securities and Investments Commission (ASIC), labelling the move a positive for the SMSF sector.

Amendments to the federal government’s treatment of limited recourse borrowing arrangements (LRBA) and transition-to-retirement income streams (TRIS) under the incoming superannuation changes passed through both houses of Parliament last week.