SMSF trust deeds selected purely on a cost basis are increasing the level of risk an adviser takes on due to their lack of detail and sophistication in covering certain critical areas, such as estate planning, according to a specialist sector lawyer.

A recent Victorian Supreme Court ruling has highlighted the need for SMSF trustees to exercise caution when deciding on action around binding death benefit nominations (BDBN).

Tax legislation passed in 2012 ending the classification of superannuation assets as trading stock and in effect treating them as capital items can be advantageous for some SMSF portfolios, according to an SMSF specialist lawyer.

The SMSF Professionals’ Association of Australia (SPAA) is developing a framework for one-on-one technical support for its members, according to its technical director.

Online access to SMSF data is set to increase sharply, with close to 50 per cent of SMSF accountants interested in offering clients and advisers a web-based solution.

Chartered accounting firm Crowe Horwath is in the process of assessing the viability of greater reliance on automation to communicate with and service its SMSF clients.

SMSF service provider onlinesmsfaudit.com.au has launched an automated cloud-based system aimed at reducing audit times and improving quality.

The Australian Taxation Office (ATO) is re-examining the rules around in-house asset exemptions contained in the Superannuation Industry (Supervision) Act.

Property remains a very popular asset class among SMSFs. Ben Anderson provides a brief overview of the current status of the domestic market.