Advisers and accountants considering commercial property for portfolios must ensure they know the ins and outs of the asset class before advising their clients on its opportunities or undertaking any investments.

Financial advisory firm William Buck has warned it is more important than ever for SMSF trustees to understand and adhere to their legal obligations so as not to incur significant fines in the wake of the new compliance penalty regime that will come into effect on 1 July.

The federal government’s decision to extend the time frame within which superannuation funds have to comply with the new SuperStream arrangements has come under fire from an industry practitioner.

SMSF trustees need to be vigilant about managing their contributions in the lead-up to 1 July to ensure they get the maximum advantage from the increased non-concessional contributions caps about to be applied, according to an accounting firm’s superannuation expert.

While the SMSF auditor registration requirement has reduced the number of individuals servicing the sector, it has improved the quality of the audits being performed, according to a senior official with the Australian Taxation Office (ATO).

The date for SMSFs to be able to receive contributions electronically from employers with 20 or more staff members under the new SuperStream rules has been pushed back.

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.