The SMSF Association has told the Productivity Commission the lack of stability in super is an impediment to the efficiency of a system that can deliver the best retirement savings outcomes for fund members.

The complexity of the current super system requires all parts of super to ensure the government does not “stuff it up”, while the SMSF industry should be working towards protecting and safeguarding the sector, according to the Tax Institute.

Before the 2017 superannuation reforms, often a retired couple would make a simple binding death benefit nomination (BDBN) in favour of each other and assume the surviving spouse could receive either a tax-free lump sum and/or a tax-free pension, and effectively defer any decisions around what to do once they were both gone to the surviving spouse.

SMSF contributions jumped in the June quarter, with trustees using their last non-concessional contribution (NCC) opportunity before the new limited caps kicked in, while benefit payments spiked in order to be used to implement strategies, according to the latest SuperConcepts “SMSF Investment Patterns Survey”.

As many of the initial SMSF owners begin to enter their 80s, now is a good time to review all the different aspects to consider when it is time to close a fund, a specialist SMSF adviser has said.

The method by which an actuarial certificate is formulated to determine the amount of exempt current pension income (ECPI) an SMSF has when the fund has used a combination of the segregated and unsegregated method when accounting for its assets in one financial year can have ramifications for advisers and the service they provide, according to a specialist SMSF law firm.

Adopting the proportionate method before 30 June in order to qualify for capital gains tax (CGT) relief would deliver the best outcome for SMSF trustees, according to an industry lawyer.