The Australian Taxation Office’s new penalty regime involving the imposition of fines on SMSF trustees for compliance breaches may eradicate the use of discretion by the regulator in certain circumstances, according to an industry professional.

SMSF trustees wanting to transfer retirement savings held in overseas pension schemes need to be aware these types of transactions count towards their contributions cap limits, a superannuation technical specialist has warned.

The Australian Securities and Investments Commission has rejected suggestions an obligatory minimum balance should be satisfied before an SMSF can be set up.

SMSF clients wanting to take advantage of the grandfathering rules applying to the Commonwealth Seniors Health Card should commence pensions immediately, according to an industry expert.