The budget has corrected an administrative oversight removing a requirement for SMSFs to report fund information only relevant for retail and industry superannuation funds.

The fact superannuation changes announced in this year’s federal budget have been minor has been welcomed by the main financial services bodies.

Advisers have a duty to ensure clients are under their transfer balance caps, rather than solely relying on ATO data.

An SMSF marked for wind-up must retain some assets to ensure the process can be completed properly without any adverse consequences arising.

Superannuation is likely to play a bigger role in the nation’s economy should Labor win the federal election to be held later this year.