The Financial Adviser Standards and Ethics Authority new education standards will not have a significant impact on accountants advising on the establishment of SMSFs as many have already stepped away from this task following the introduction of the Future of Financial Advice (FOFA) reforms, according to an accounting body.

The 2018 budget measure increasing the maximum number of members in an SMSF from four to six will help improve the flexibility of these structures, but will come with some administration challenges, the director of an accounting firm has said.

Advisers and accountants servicing clients on the transfer balance account report (TBAR) requirements need to revisit existing processes and business models within their businesses, according to an SMSF expert.