The Australian Taxation Office (ATO) will soon clarify its position over the validity and tax treatment of related-party limited recourse borrowing arrangements (LRBA) charging zero interest being used by SMSFs.

Financial services chief executives are concerned about the level of public trust in financial advisers, stating the Future of Financial Advice (FOFA) reforms have contributed to its erosion.

The SMSF Professionals’ Association of Australia (SPAA) has released lending and advice guidelines for practitioners providing advice on limited recourse borrowing arrangements (LRBA).

SMSF trustees no longer need to specifically address the use of reserves in the investment strategy of their funds.

Specialist SMSF administration provider Class Financial Systems has grown its market share to 10 per cent as it looks to prepare for its initial public offering (IPO) after the end of the 2015 financial year.

CPA Australia has stipulated that while it can support its members in relation to education and guidance in their efforts to obtain a licence to provide financial advice for SMSF clients, it cannot provide an actual licensing solution.

A large portion of limited recourse borrowing arrangements (LRBA) within SMSFs are still not being executed properly, resulting in auditors having to file contravention reports about them, a leading specialist auditor has said.

A large majority of professional advisers expect their business’s SMSF revenue will grow by more than 10 per cent in the next three years, the latest industry research from CoreData has shown.

The changing legislation governing the provision of SMSF advice by the accounting profession is prompting many practitioners to assess their succession planning options, according to an industry expert.