14 Aug 12 New obligations and responsibilities for SMSF trustees
The ATO advises that measures contained in Superannuation Industry (Supervision) Amendment Regulation 2012 (No 2), which are part of the suite of measures announced within Stronger Super, commenced operation on 7 August 2012. These measures are intended to address potential risks and strengthen the regulatory framework in which self-managed super funds (SMSFs) operate.
These measures mean that a trustee of an SMSF is:
- required to conduct a review of the fund's investment strategy on a regular basis
- required to consider insurance for fund members as part of the fund's investment strategy
- required to value the fund's assets at market value for the purposes of preparing financial accounts and statements.
The ATO has published Valuation guidelines for self-managed superannuation funds to assist trustees and their advisors to comply with this third requirement.
The obligation that a trustee of an SMSF is required to keep money and other assets of the fund separate from any money or assets held by them personally or by a standard employer-sponsor or an associated standard employer-sponsor is now a prescribed operating standard.
All these measures are prescribed operating standards for the fund, which means trustees must ensure they are complied with at all times.