“I worry that in some cases, SMSFs are still being done as a bit-part to a firm,” he said.

“There needs to be a level of professionalism that comes into the industry.”

Mr Goldsmith said the key to ensuring the SMSF sector reaches large-scale professionalism is through automation, especially with the quarterly reporting schedule now in place.

“By automation, I mean data feeds, the zero-touch components to the software,” he said.

“Firms need to embrace automation and make sure they have got cloud technology and are using it to its full extent.”

Mr Goldsmith added that SMSF advisers need to utilise the software available to track and tag clients to ensure all reporting criteria are met.

“If you can work on a system where you’ve got 80 per cent of your funds to have a data feed, then the majority [of funds] will be looked after,” he said.

Andy O’Meagher, director of Act2 Solutions, said the move to quarterly reporting will also mean accountants and financial advisers need to have more contact with clients.

“If people aren’t in regular contact with their clients, then this will force that to happen,” Mr O’Meagher said.

“I think there’s going to be, or there needs to be, a proactive approach by planners and accountants as far as keeping track of when significant events are likely to take place.”

Mr O’Meagher said he believes the reporting regime will also create greater communication between financial planners, advisers, and accountants.

“There needs to be good alignment between them to make sure they’re keeping trustees on track,” he said.

“It’s important there is greater communication between them and they’re using that to provide greater education to the trustees.”

Aaron Dunn, CEO and founder of Smarter SMSF, said the new reporting regime should also instigate a move to better educate SMSF clients.

“There is an education overlay. We need to be making our clients aware that there might be something going on in their fund that needs addressing,” he said.

“It may be that they’re making a commutation about payments that are greater than the minimum, there might be a lump sum because they want to give some money to the kids. “There are a range of things that may occur and if they don’t get that timing right they do become subject to a failure to lodge penalty from the ATO.