Financial advisers needed to assist SMSF trustees to dispel some of the myths about the sector and superannuation in general to ensure the best strategies could be implemented for those funds and that they remained compliant, according to a former ATO official said.

Trustee obligations, as set out in the trustee declaration, must be made more implicit as trustees’ understanding of them was not only lacking, but they assumed their responsibilities were being taken on by the adviser or accountant.

The SMSF Association (SMSFA) has rejected suggestions first homebuyers be allowed access to their superannuation benefits to help finance the purchase of a dwelling.

Emphasising the benefits of advice as a return on investment (ROI) to clients rather than focusing only on the cost was a more effective way to overcome any pushback, a specialist business has said.

Arrangements to offshore SMSF administration and compliance in countries with cheap labour must not skimp on comprehensive training and education in relation to staff, particularly accountants.

Communicating with younger people setting up SMSFs has been flagged as the next challenge for the industry, as this generation has significantly different requirements for how they use and receive advice.

Independent financial services licensee Capstone has partnered with the Tax Institute to provide educational, support services and a licensing option for members of the professional body seeking to provide financial advice under the new Future of Financial Advice rules.

The Australian Securities and Investments Commission (ASIC) has permanently banned Nicholas Hunter from the financial services industry after the corporate regulator’s investigation found he had acted illegally and is bankrupt.

Accountants aiming to operate under a limited Australian financial services licence (AFSL) need to know exactly how specific product advice affects them in order to define their activities legally, according to an industry lawyer.