ASIC’s 2014/15 annual report has shown the number of limited Australian financial services licences (AFSL) issued to accountants remains very low.

The application of contribution reserving strategies was perhaps broader than first thought, following the release of an ATO form and the tax office’s position not to question why a contribution was not allocated.

BGL Corporate Solutions has announced it has released Australia’s first commercial property desktop assessment solution designed especially for SMSFs, in partnership with CoreLogic RP Data.

ASIC has suspended the registration of auditor Philip Dowsley for six months after an investigation found he had failed to comply with required professional standards.

SMSF trustees were listening to the guidance given to them around potential or identified breaches during the audit process, according to an audit specialist.

New retirement income developments that address the challenges of living longer may result in the winding up or rollover of SMSFs as part of the sector’s natural evolution.

The ATO has revealed SMSFs will face a full evaluation, including their entire history, where incorrectly structured limited recourse borrowing arrangements (LRBA) are not rectified by the end of the financial year.

A successful court ruling against a property spruiker has created a test case, emphasising the need for anyone recommending or facilitating SMSFs as a way of investing in property will need to have a licence and provide appropriate advice to clients.

SMSF administration software specialist Class Super has enhanced its service offering through the inclusion of an automated audit submission process.