Class has revealed its share of the overall SMSF market has grown to over 17 per cent and its total number of customers now stands at 865.

Board of Taxation chair Michael Andrew has stressed the importance of implementing a better model for Australia’s taxation system and has unveiled a set of recommendations that have succeeded overseas.

SMSF allocations to managed funds increased substantially in 2015, with the asset class the most popular investment choice among portfolios for the first time, according to the latest analysis from OneVue.

The SMSF Association has raised its strong objection to any moves by the federal government to cut the non-concessional contributions caps from the current level of $30,000 to $20,000 as part of this year’s budget.