Trustees who are caught out by inconsistencies in their SMSFs are facing costly legal disputes that can take years to settle, according to an industry lawyer.

The federal government, Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) are looking to further increase professionalism, reduce red tape and target one-stop shop operations in the SMSF space as the industry continues to grow and mature.

While the Australian Taxation Office (ATO) has withdrawn its proposed action seeking to legally outlaw excessive contribution provisions within an SMSF trust deed as a means to prevent trustees from breaching the non-concessional contributions cap, the practical application of this course of action seems unworkable, according to an expert superannuation lawyer.

Advisers can use behavioural finance principles to help their clients feel more satisfied with the services they provide and more willing to pay for advice, an expert in the area has said.

Effectively managing risk within an advisory practice or an SMSF comes down to a few key elements, Marcus Turner writes.

Ben Anderson provides a snapshot of the current state of the domestic housing market.

A discussion panel of regulators containing representatives from Treasury, the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) has unanimously given a positive assessment of the SMSF sector.

The deeming rates to assess income from financial investments for pensions and allowances are expected to become controversial as the rates increase and affect a wider range of account-based pensions.

The SMSF Professionals’ Association of Australia (SPAA) has appointed Peter Crump as its new chair.