A rise in the number of SMSFs and their assets to all-time highs in the June quarter 2016 highlights the appeal of do-it-yourself investing for many Australians. But SMSFs are still piling a considerable amount of money into cash, which may reduce wealth-creation investment opportunities over the long term.

Despite the complexity and multiple challenges presented by the draft superannuation legislation, the introduction of deferred annuities should provide SMSFs with some control and flexibility over their retirement income.

Retirees need to understand the implications changes to the assets test linked to the age pension commencing on 1 January 2017 will have for them and make the necessary preparations now, a major banking group has said.

SMSF trustees and advisers are highly exposed to the threat of cyberattacks and must stay vigilant, as well as implement cybersecurity risk management practices, SuperAuditors director Shelley Banton has said.

The new superannuation legislation’s introduction of entirely new concepts and procedures, combined with the very short time allowed for consideration for how they will work in practice, will result in a compliance logjam next year, according to the SMSF Owners’ Alliance (SMSFOA).

Trustees and advisers have been advised not to rely on forfeiture provisions contained in SMSF trust deeds supposedly stipulating how a member’s benefits can be treated when they are declared bankrupt, a legal expert has said.

The ATO will be softening its approach to SMSFs with a contravention report submitted about some of their activities that have been assessed as high risk in the coming financial year.