The SMSF Professionals’ Association of Australia (SPAA) has expanded its executive team with two key appointments.

Accountants and advisers of SMSF trustees should take action to rectify any breaches before the Australian Taxation Office’s (ATO) new powers to penalise non-compliance come into effect on 1 July, The SMSF Academy’s managing director has said.

Sentry Financial Services will address concerns raised by the Australian Securities and Investments Commission (ASIC) about advice provided to SMSF clients through its corporate authorised representative, Connect Financial Services.

Legislation and regulations for advice on property investment will be hard to achieve, despite being much needed, however, the financial services industry could still look at ways to improve the process and experience for investors.

The Australian Taxation Office (ATO) is optimistic the new penalty regime available to it from 1 July will cut down repeated compliance breaches by SMSF trustees.

Following a review into the administration of the excess contributions tax (ECT) regime, the Inspector-General of Taxation (IGT) has recommended a total of 11 changes be made to the existing system.

Fractional property provider DomaCom has unveiled a low-cost SMSF property product in response to increasing demand from generations X and Y to access the property market.

CMC Markets Stockbroking has announced its pricing levels for the new Australian Securities Exchange (ASX) mFund unlisted managed funds settlement service.

Treasury has endorsed having a non-prudential regulator, namely the Australian Taxation Office (ATO), govern the operation of the SMSF sector.