The definition of an SMSF should be a straightforward concept, but a number of legal determinations and exceptions have clouded this picture, presenting potential issues for trustees.

SMSFs holding collectables or personal use assets have been prompted to ensure they are able to meet the new rule conditions commencing 30 June in order to remain complying.

The federal government has announced it will introduce crowd source equity and debt funding legislation before the end of the calendar year to allow more individual retail investors, such as SMSF trustees, greater opportunities to participate in financing and expanding Australian businesses.

A recent decision handed down by the Family Court of Australia has confirmed superannuation assets cannot be split for the benefit of a third party.

SMSFs holding collectables need to ensure they are compliant under the incoming regulations applicable from 1 July 2016, as the deadline did not leave much time for planning due to the nature of those assets, according to a specialist SMSF lawyer.