SMSF administration software specialist Class has revealed a development with one of its stakeholders has resulted in the need to submit a supplementary prospectus to ASIC, as well as temporarily suspend applications for shares.

Specialist superannuation legal firm Townsends Business and Corporate Lawyers has identified the objective to better align the tax charged on the accumulation and retirement phases of superannuation as a continuing concerning aspect of the Financial System Inquiry (FSI).

The capacity for the SMSF industry to maintain itself perpetually was high because of practitioners’ professionalism, commitment to trustees and members, and consultative approach in relation to government and regulators.

The SMSF Association (SMSFA) has declared there is an urgent need to open infrastructure investments to SMSFs, with the federal government and opposition focusing on future infrastructure opportunities.

The ATO has revealed that while it is aware of rising concerns about more SMSF services being outsourced overseas, it has not yet run into any major issues.

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.