The SMSF Association today said the latest ATO annual SMSF statistics painted a glowing picture of the sector, with new members and funds growth steady, and investment returns and expenses competitive with the Australian Prudential Regulation Authority (APRA)-regulated sector.

SMSFs have held the highest level of financial performance satisfaction compared to public sector funds, industry super and retail funds since 2007, but the complexity of the incoming super legislation could change this, according to the latest survey from Roy Morgan Research.

Forager Funds Management’s flagship listed investment trust (LIT), the Australian Shares Fund, commenced trading on the Australian Securities Exchange (ASX) last Friday at a market cap of $138 million, with more than half of its units held by SMSFs.

Class has announced a partnership with The SMSF Academy as a result of the challenges accountants and administrators are facing due to the biggest changes to super in more than a decade.

The latest Financial Services Council (FSC) research into the SMSF sector, co-commissioned with UBS Asset Management, has revealed trustees’ idea of the asset balance they will require to fund a comfortable retirement does not match the level of yearly income they are hoping to draw from their super fund.

The Australian Securities and Investments Commission (ASIC) has banned Keira Jane Keegan from providing financial services for three years after she was found to have advised SMSF clients to invest in high-risk financial products issued by her licensee.

Trustees with trauma cover within their SMSF need to pay particular attention to the situation due to the approach regulators are able to take in reviewing these arrangements, according to a risk insurance expert.