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:
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
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- 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].
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