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.

Opposition leader Bill Shorten’s suggestion that a ban on the use of direct borrowing by SMSFs should be revisited to help cool an overheated housing market has been labelled a poor attempt to attack the sector as statistics show no link to systemic risks.

Revenue and Financial Services Minister Kelly O’Dwyer has reaffirmed the federal government’s commitment to its changes to the superannuation system, maintaining they are necessary to best safeguard and grow people’s retirement savings.

The recording of SMSF assets under the proper name or entity is an issue the ATO has ranked among its top 10 current compliance problems.