Making a plan, understanding the options before entering an SMSF and being flexible to changing circumstances were imperative to exiting the fund at the right time and as smoothly as possible, according to Omniwealth.

ASIC yesterday revealed it had cancelled the registrations of 133 approved SMSF auditors who did not lodge their annual statements.

There was a growing commitment by SMSF specialists to be professionals in this critically important superannuation segment, regardless of their business size, according to the SMSF Association.

By 2026, the industry could have moved to a fully digital SMSF environment whereby tax return and audit functions were automated and “plugged in” to the ATO, according to Challenger retirement income chairman Jeremy Cooper.

News regarding the SMSF sector has never been so significant and so important as the generational shift shines a more intense spotlight on how individuals manage their financial security in retirement.

Small Australian Prudential Regulation Authority (APRA) funds (SAF) could be a viable alternative or exit strategy to SMSFs and had the added benefit of removing or minimising conflict between family members, according to a technical expert.

Class recorded a 71 per cent increase in net profit after tax (NPAT) to $5.83 million for the year ended 30 June 2016, maintaining its ability to pursue new business opportunities going forward.