The Self-managed Independent Superannuation Funds Association (SISFA) is focusing on the real life practical application of the super changes, in line with the ATO’s interpretation, as a myriad of unique SMSF scenarios are emerging and causing confusion among advisers.

More consistent assessments of the returns and retirement expenses of SMSFs in comparison to Australian Prudential Regulation Authority (APRA)-regulated funds are not unreachable, with the prudential regulator already working on better analysis.

The decision to take advantage of the capital gains tax (CGT) relief provisions contained in the super reforms legislation and defer the associated tax liability may pose problems for advisers who are servicing certain clients for the first time, the director of an advisory firm has said.

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.