The SMSF sector should have been incorporated into the financial advice education and professional standards that were introduced into Parliament last year, according to an industry consultant. 

SMSF members hold a number of advantages over other superannuation structures via their direct involvement with their fund, including the ability to closely monitor employer contributions, according to the SMSF Association.

The incoming legislative changes to the superannuation system are driving renewed interest in system automation, with a significant number of new portfolios coming from manual SMSF accountants using Excel and generic general ledgers, according to Class.

The Institute of Public Accountants (IPA) has come out in support of the proposed industry funding model to support the Australian Securities and Investments Commission (ASIC) and believes it will deliver positive regulatory outcomes.