The belief SMSF trustees were using their super savings irresponsibly in retirement and withdrawing their superannuation as a lump sum as soon as they could is unsubstantiated, says the sector’s peak professional body.

The SMSF Professionals’ Association of Australia (SPAA) has launched an online networking facility for delegates at its upcoming national conference in Brisbane next month.

New products and services being developed and offered by industry and retail funds will not slow the popularity or growth of the SMSF sector in the coming years, particularly among retirees, according to a retirement savings expert.

SMSF trust deeds selected purely on a cost basis are increasing the level of risk an adviser takes on due to their lack of detail and sophistication in covering certain critical areas, such as estate planning, according to a specialist sector lawyer.

A recent Victorian Supreme Court ruling has highlighted the need for SMSF trustees to exercise caution when deciding on action around binding death benefit nominations (BDBN).

Tax legislation passed in 2012 ending the classification of superannuation assets as trading stock and in effect treating them as capital items can be advantageous for some SMSF portfolios, according to an SMSF specialist lawyer.

The SMSF Professionals’ Association of Australia (SPAA) is developing a framework for one-on-one technical support for its members, according to its technical director.

Online access to SMSF data is set to increase sharply, with close to 50 per cent of SMSF accountants interested in offering clients and advisers a web-based solution.

Chartered accounting firm Crowe Horwath is in the process of assessing the viability of greater reliance on automation to communicate with and service its SMSF clients.