Trustees of self-managed super funds should take note of new measures introduced by the ATO to address potential risks and strengthen the regulatory framework in which SMSFs operate.
As a trustee, you are required to:
- Conduct a review of the fund's investment strategy on a regular basis and ensure that it reflects the purpose and circumstances of the SMSF and its members
- Consider insurance for fund members as part of the investment strategy
- Value the funds assets at market value for the purpose of preparing financial accounts and statements
- Keep money and other assets separate from personal or standard employee/sponsor money and assets
As these measures are now prescribed operating standards, you need to ensure your SMSF complies to stay on the right side of the ATO.
For more information about how the regulations affect your role as a trustee or your SMSF, please contact us on 02 9957 4033.
Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2)
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Last updated August 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.