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ASIC enforcement action on SMSF auditors over independence. ASIC has released information on its enforcement action against over 100 SMSF auditors (some referred to it by the ATO for various breaches including not meeting independence requirements, not complying with auditing standards, not reporting non-compliance, and not meeting the fit and proper person requirement).

ATO uses real time reporting data for SG compliance. The ATO is currently undertaking a project to move towards real time data or event-based reporting to enhance super guarantee entitlements compliance.

ASIC recommends SMSF reforms including trustee education. As a part of hearings into ASIC’s oversight functions, the regulator presented the Parliamentary Joint Committee on Corporations and Financial Services with a range of policy solutions to be considered to remedy deficiencies identified in the SMSF space from its recent reports.

Reverse mortgage lending demand and retirement advice. Since the global financial crisis, demand for reverse mortgages have grown steadily.

Super transfer balance cap and new reporting events. Now that the transfer balance cap has been introduced to limit the amount of capital that can be transferred into the tax-exempt retirement phase, the ATO now requires certain events that track the movement of capital to be reported in a timely manner, depending on your super balance.