New rules for trustees of SMSFs
The ATO has issued a reminder that new regulations apply to self-managed superannuation funds (SMSFs) from the 2012/13 income year.
They require trustees of SMSFs to:
- value the fund’s assets at their market value for the purpose of preparing financial accounts and statements of the fund;
- consider insurance for their members as part of the fund’s investment strategy; and
- review the fund’s investment strategy on a regular basis.
Trustees who fail to comply with these requirements may be subject to penalties.
ATO given more powers to deal with non-compliance
Trustees have always been required to keep the money and other assets of the SMSF separate from those held by the trustee personally (or by a standard employer-sponsor or an associate of a standard employer-sponsor).
A regulation has now made this requirement an ‘operating standard’, which means the ATO now has the power to enforce compliance.
Contraventions may result in a fine of up to 100 penalty units.
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