Advisers have been told to use extra caution around the value used on a transfer balance account report (TBAR) as many have been submitting the wrong figure.

The deadline by which SMSFs had to obtain a legal entity identifier (LEI) under the European-based Markets in Financial Instruments Directive (MiFID II) regulations has been extended by six months.

Many advisers are not across the traps of strategies using the downsizer contribution measure, with SMSFs needing to be particularly careful, a specialist software provider has warned.

Alternative recourse is available to SMSFs when the company acting as the fund’s corporate trustee has been deregistered, with the appointment of new corporate trustees an option, according to a law firm.