A leading law firm has advised proactive action within an SMSF and communication with the Australian Taxation Office are the most effective means of dealing with a fund contravention.

The Australian Securities and Investments Commission is seeking interim and final orders from the Supreme Court of NSW to prevent property investment promoter Park Trent Properties Group from operating a financial services business without a licence.

Individuals considering establishing an SMSF need to be wary of their compliance obligations and consider carefully who the best service provider is to assist them to meet these responsibilities, a sector administration specialist has warned.

The Australian Taxation Office’s new penalty regime involving the imposition of fines on SMSF trustees for compliance breaches may eradicate the use of discretion by the regulator in certain circumstances, according to an industry professional.

SMSF trustees wanting to transfer retirement savings held in overseas pension schemes need to be aware these types of transactions count towards their contributions cap limits, a superannuation technical specialist has warned.