Brett Lamond & Co

  • Home
  • Resources
  • Articles
  • Blog
  • Home
  • Resources
  • Articles
  • Blog

​SMSFs (Self Managed Superannuation Funds)

​New Trustee Obligations from 7 August 2012

The Australian Taxation Office (ATO) has announced that there are new regulations for self-managed super funds (SMSFs) which took effect on 7 August 2012. They require SMSF trustees to:
  • regularly review their fund's investment strategy [which prudent Trustees are doing anyway],
  • consider insurance for members as part of their fund's investment strategy [Again, something prudent Trustees have been doing for some time without a requirement to consider],
  • value assets at market value for reporting purposes. [See comment below].
In addition, the ATO is 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. [Again a requirement that has been in place for some time from a prudent and legal approach to being a Trustee].

One of the more interesting changes is - "value assets at market value for reporting purposes" which has been an Accounting and Audit requirement for SMSFs since the creation of SMSFs. So, as is not unusual with Accounting related issues, we get double up on regulations and requirements which are already in place elsewhere. (There is an Accounting standard for Superannuation Funds).  It seems duplication of requirements is becoming a favourite approach of our Regulators. We are seeing this increasingly in a variety of Accounting and Tax arenas.

Brett Lamond
22 August 2012
​

[20120822]
Last edit: 22 August 2012

​
Back to Articles
We are located on Market Street, Sydney - the heart of Sydney's CBD. ​
Contact Brett Lamond & Co for a confidential discussion on 02 9299 5544.
Picture
© Brett Lamond & Co 2018  |  ABN 26 973 586 883 ​ |   Please refer to our Privacy Policy and Terms of Use.
Website by SBWD