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.

Revenue and Financial Services Minister Kelly O’Dwyer has revealed the consultation process regarding exposure draft legislation for the proposed changes to the superannuation framework will begin very soon.

The latest joint SMSF Association and Accurium sector research has shown the majority of SMSF trustee couples are well placed to have an asset balance high enough to fund at least a comfortable lifestyle in retirement.

The ATO has extended the time period SMSF trustees have to comply with the new safe harbour guidelines governing non-bank limited recourse borrowing arrangements (LRBA).

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).