The first thing I did when I opened the final report from the Hayne Royal Commission into Banking Misconduct and Superannuation was to search for “SMSF”. Other than the definitions, it appeared twice.

Hayne made a number of recommendations about financial advice that will be well covered by others. There were also some interesting comments and recommendations around “independence”.

While the hearings sent shockwaves through Australia’s major financial institutions, I would describe the final report as being light on major structural reforms.

There was presumably a collective sigh of relief from our largest financial institutions when Hayne decided not to recommend a ban on superannuation funds that make a profit.

Almost everyone has a story about discovering that they or a friend had multiple superannuation accounts as a result of having multiple jobs throughout their lives.

Before the Productivity Commission publicly released their final report into superannuation review this month, there was inevitably much discussion about whether or not a minimum balance for SMSFs would be recommended.

SMSFs can claim deductions for certain expenditure incurred by the fund provided the residential investment property is rented or available for rent.

All SMSFs trustees are required to appoint an approved auditor to audit the operations of their fund each year. This annual audit must include both a financial audit and compliance audit.

In the final week of Parliament, there were a number of superannuation related measures still to be passed into law.

As part of the 2018/19 Federal Budget announcements, the Government confirmed that they intend to legislate to increase the maximum number of members that can belong to a single SMSF from four to six.

From 1 July 2017 it became much harder to build up more superannuation thanks to a tightening of the limits on contributions. The maximum “concessional contributions” reduced to $25,000 pa.

In the May 2018 Federal Budget, the Government announced plans to extend the ability for recent retires to make contributions to superannuation from 1 July 2019. This change has now been legislated.