The Institute of Public Accountants (IPA) has called on the government to repeal legislation that prohibited personal concessional contributions where the members earned more than 10 per cent of their income from employment services.

SMSF auditors faced potential liability for failing to comply with their explicit responsibilities, as many did not realise what the full obligations entailed, according to a specialist industry practitioner.

AMP Capital is looking to provided more managed funds specifically developed for SMSF investors in the future as a result of the success enjoyed by the organisation since the inception of its dedicated business unit to service the sector.

The number of accountants taking positive action to comply with the new licensing regime that will replace the existing exemption under which they can operate remains low, according to an existing Australian financial services licence (AFSL) holder.

SMSF practitioners must take greater heed of potential red flags than ever before as sophisticated crimes in the sector were on the rise, according to a fraud prevention specialist.

Accountants not pursuing a limited or full Australian financial services licence need to realise they will have no discretion in relation to providing advice after the accountants’ exemption is removed on 1 July 2016 and risk being sued if they do give advice.

SMSF online service provider SuperCentral has launched an estate planning support facility for financial advisers and accountants.

SMSFs chasing income and imputation credits through high-yielding equities on the Australian Securities Exchange need to be mindful of being caught in a dividend trap and being exposed to concentration risk within their portfolios, according to the head of a boutique local fund manager.

Accounting and advice practices have a greater chance of becoming profitable if they push beyond compliance and ensure clients feel looked after by offering value-add services and providing relevant content and information.