The revelations of the banking royal commission have highlighted the need to find more effective methods to enable boards of directors to ensure good governance is practised within organisations, a senior research executive has said.

The Australian Prudential Regulation Authority (APRA) report on Commonwealth Bank of Australia (CBA) subsequent to its prudential inquiry findings is already having an effect on the corporate governance of boards of directors across the domestic business landscape, according to a panel of corporation chairmen.

The different rules governing the transfer balance account report (TBAR) for SMSFs compared with Australian Prudential Regulation Authority (APRA)-regulated super funds may easily lead to attracting an excess transfer balance cap determination and the associated tax penalty, a technical expert has warned.