An SMSF change of trustee document could be a “time bomb” if not properly drafted by a lawyer, due to the numerous hurdles to overcome in order to ensure a valid removal and alteration.

While the issue of SMSF members meeting their minimum pension payments has received much attention since the new super rules commenced, the overpayment of pension income is equally as crucial an area to monitor, a specialist industry law firm has warned.

The SMSF community has expressed its approval of the announcement from the ATO as to what the rules governing total account balance reporting (TBAR) for superannuation funds will be.