The SMSF Association has questioned some of the tax observations included in the Financial System Inquiry (FSI) based on its own factual observations and practicality concerns.

Practical action in relation to the potential ban on limited recourse borrowing arrangements (LRBA) and grandfathering was now crucial as that legislative change was likely to be the major disruptor of 2015, according to an expert SMSF lawyer.

The SMSF Association has called for the government and industry to have informed dialogue about superannuation tax concessions without reliance on flawed measures like the Treasury Tax Expenditures Statement (TES) as justification to make changes to the system.

Avoiding future SMSF litigation required death benefit planning to leave no room for argument, a leading lawyer servicing the sector has said.

A co-regulatory model for SMSFs could result in the sector benefitting from the best of both types of regulation, prudential and compliance, according to a specialist industry adviser.

The ATO will this year focus on implementing its extensive transformation program, which includes simplifying its interaction and dealings with auditors, as well as reducing internal red tape.

Taxpayers Australia has launched a book designed to boost SMSF trustee knowledge and assist them in running their own retirement savings vehicles.

SMSF trustees must take full responsibility for their decisions as breaches to investment standards could lead to problems with the sole purpose test as well as possible non-compliance, an industry expert has warned.

Business owners should consider using an SMSF to house the investments and assets of the business for retirement preparation and risk mitigation, according to a succession planning expert.