A key area of focus for the ATO is asset valuations, especially property and unlisted investments, particularly those that involve related parties. This is a field of heightened regulatory scrutiny. SMSF auditors are clamping down in this area, given they are under increased pressure from the ATO and ASIC to ensure trustees get this right.

Another key focus in 2025 is ensuring estate and succession planning strategies are in place. Superannuation is often the largest asset clients own, and many do not understand that it is not an estate asset and does not automatically form part of one’s estate.

Also, as Generation X, Millennials and Gen Z become the drivers of growth in the SMSF space, insurance strategies through their SMSF should be considered. Australia ranks behind the OECD average and comparable countries such as the UK, Canada and the US when it comes to personal insurance coverage.

Naz Randeria, managing director, Reliance Auditing Services

Ensuring trust deeds are compliant with ever-evolving legislation. If legacy pension withdrawal is passed through, SMSF deeds will need to be reviewed to ensure that these changes are hard coded in the deeds.

If Div 296 becomes law, trustees will need to consider a switch of growth and income investments between their SMSF and other entities within their family group. For example, switching high-growth investments out of the SMSF sector into companies or trusts and keeping low-growth income yield assets within the SMSF space. My key measure will always remain – money saved is money earned!

David Busoli, principal SMSF Alliance

Div 296 will be an important consideration if it becomes law but I’m not going to waste any more time on it in the interim. I think the general transfer balance cap will probably increase to $2 million. We’ll know that early in the new year.

The rise of AI has given cyber criminals some rather effective scamming tools which require higher levels of vigilance by all. Fortunately, this item is receiving a lot of attention from multiple areas so I’m quietly confident that informed trustees will be safe.

Matthew Burgess, director, View Legal​​

While a simple idea, understanding and discharging trustee duties (particularly given escalating litigation) seems to be non-negotiable. Similarly, understanding and pivoting to address (almost guaranteed) legislative, regulatory and case law changes seems a necessity.

More practically, ensuring the legacy objectives of SMSF members are aligned and integrated as part of a holistic estate plan, and keeping front of mind the Yogi Berra observation: It's tough to make predictions, especially about the future.

Daniel Butler, director, DBA Lawyers

Focusing on investing their money wisely and complying with all the rules. The prospect of a change of government will give rise to some uncertainty and hopefully, the rate of change will slow down in 2025 to allow us to get everything in order.

Aaron Dunn, CEO, Smarter SMSF

A lot of that is somewhat going to depend on who forms government, but we do know as well that we're likely to see an increase in the general transfer balance cap. So there are some opportunities there for those moving into retirement phase, those wanting to make contributions.

There will be some considerations around the timing of contributions and what those strategies might mean for clients. I also think some of the finalised rulings from the ATO do heighten some areas of concern with clients, in particular, if we think about the failed minimum pensions and the ATO's views around those pension standards.

To me, there is somewhat of a wait-and-see around 2025. There are clearly issues around the economic conditions of the country as well as asset classes and interest rates.

We do have funds that will have much higher rates of repayment loan repayments around LRBAs. Equally, we've got a range of retirees that probably have far more conservative portfolios in the current environment and are achieving reasonable rates of return for them, potentially even above their minimum pension obligations at the moment where that money may be sitting in cash and turn deposits.

It will be quite an interesting 2025 off the back of that. So once again, I think the most important thing for trustees to be considering is the fact that they're obtaining the relevant advice and understanding which way the winds are blowing when it comes to not only policy but also regulation within the sector.

Shelley Banton, head of technical, ASF Audits

As the SMSF industry relies more on technology and automation, trustees investing in complex assets must understand the annual compliance requirements. Buying a property in Bali or shares in an unlisted company, for example, comes with difficulty if an SMSF trustee doesn't understand the basic requirements that a market valuation is required annually.