The budget has corrected an administrative oversight removing a requirement for SMSFs to report fund information only relevant for retail and industry superannuation funds.

The fact superannuation changes announced in this year’s federal budget have been minor has been welcomed by the main financial services bodies.

Superannuation is likely to play a bigger role in the nation’s economy should Labor win the federal election to be held later this year.

A Fidelity International survey has found women are reluctant to plan for retirement and make voluntary contributions to their superannuation.

SMSF performance against APRA funds has been skewed by reporting methods and funds with balances above $200,000 perform as well as their non-SMSF counterparts.

Registered directors of a corporate SMSF trustee can now apply for a director identification number, but time restrictions apply.

The cost savings for SMSFs no longer having to use an actuarial certificate to calculate fund income are likely to be small, not open to all funds and offset by other costs.