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New changes affecting SMSFs

The government has recently amended the SIS Regulations to impose further requirements on self managed superannuation funds (SMSFs) from the 2012/13 income year.

Editor: These changes are part of the Government’s Stronger Super reforms, in response to the review into the governance, efficiency, structure and operation of Australia’s superannuation system.

The new regulations require:

  • Trustees of SMSFs to consider insurance for their members as part of the fund’s investment strategy, to ensure that members consider their personal circumstances in regards to their need for insurance cover such as life insurance;

 

  • Money and other assets of an SMSF be kept separate from those held by a trustee personally and by a standard employer-sponsor or an associate of a standard employer-sponsor (in making this requirement an operating standard, the ATO will have a direct power to enforce this requirement); and

 

  • SMSF assets to be valued at market value for reporting purposes (i.e., when preparing accounts and statements, including a statement of financial position and an operating statement).

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