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Self-managed superannuation funds – new obligations

August 23 2012

New regulations for self-managed super funds (SMSFs) took effect on 7 August 2012. They require your SMSF trustee clients to:

  • regularly review their fund’s investment strategy
  • consider insurance for members as part of their fund’s investment strategy
  • value assets at market value for reporting purposes.

In addition, we are now able to enforce the requirement that the fund keep its money and assets separate to that held by trustees personally, or standard employer-sponsors.

For more information, refer to the Australian Tax Office’s obligations and responsibilities for self-managed super fund trustees, or alternatively contact Ron on 03 5333 3915 for more information.