24 Sep 12 ATO address: "Issues affecting SMSFs: the ATO perspective"
On 14 September 2012, Stuart Forsyth, Assistant Commissioner, Superannuation, ATO, gave an address entitled "Issues affecting SMSFs: the ATO perspective" to the SISFA 2012 SMSF Forum held in Brisbane, Queensland.
In his address, Mr Forsyth noted that:
"...new regulations apply to SMSFs from the 2012-13 income year and require them to:
- value the fund's assets at their market value for the purpose of preparing the 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 regularly to take into account the changing circumstances of the fund and its members.
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. However, despite it being one of the most commonly reported contraventions we've not had the power to enforce compliance. A new regulation now makes this requirement an operating standard. In other words, we can enforce it."