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.

The federal government today said it did not agree with the Financial System Inquiry’s recommendation to prohibit limited recourse borrowing arrangements by superannuation funds.

Chartered Accountants Australia and New Zealand (CAANZ) has announced its head of superannuation Liz Westover will leave the body next month, with the search for her replacement underway.

The SMSF industry should conduct a review of the current investment strategy rules and primarily whether the trustee’s responsibility to formulate the strategy was still appropriate, according to a sector expert.

Developments in technology, such as automation, the cloud and built-in processes, meant SMSF advisers and accountants could use software to boost their clients’ results and engagement.

The SMSF Association (SMSFA) has welcomed the appointment of Jim Chalmers as Labor’s superannuation and financial services spokesman.