John Evennett, from New South Wales, has been disqualified from being an approved SMSF auditor by the Australian Securities and Investments Commission (ASIC).

SMSF trustees need to be cautious that the new treatment of transition-to-retirement income streams (TRIS) does not lead to a breach of the transfer balance cap (TBC) introduced on 1 July, a senior SMSF technical practitioner has said.

SMSF advisers and trustees must be aware that notifying the ATO about the use of the capital gains tax (CGT) relief provisions, included as part of the superannuation reforms introduced on 1 July, cannot be done via the annual return of the fund.

The ATO has identified a number of issues associated with low-cost SMSF audits after carefully reviewing these services in the 2017 financial year.

Real-time reporting for SMSFs is likely to be introduced in May or June next year, but should not be overly onerous for the majority of trustees, a technical expert in the industry has said.

A South Melbourne man has been convicted and fined $6000 in the Melbourne Magistrates Court after pleading guilty to operating an unlicensed financial services business promoting the early release of retirement savings benefits through SMSFs.

Treasury has released draft legislation indicating how SMSF assets being held under a limited recourse borrowing arrangement (LRBA) will be included against a member’s total superannuation balance.