The government has changed the proposed super legislation replacing the $500,000 lifetime non-concessional contributions cap with a yearly limit of $100,000.

The Australian Securities and Investments Commission (ASIC) has banned Park Trent Properties Group chief executive and director Ronald Cross from providing financial services for four years, after it was found he extensively and illegally publicised the purchase of investment properties through an SMSF to clients.

SMSFs with multiple pensions must use extra caution when it comes to which pension to roll back and the order under the proposed $1.6 million transfer balance cap requirements.

Superannuation tax changes should not be applied retrospectively, however, both major parties had broken that convention, which would result in hardship and unfairness for trustees, according to the SMSF Owners’ Alliance (SMSFOA).