smsf finance wise financial planning adelaide Sept 2012

New Compliance Requirements for SMSF Trustees

Posted on September 10, 2012 · Posted in Financial Planning, General, SMSF

Another week another job for SMSF trustees.  From August 7th 2012 trustees will be required to:

  1. Regularly review the SMSF’s strategy;
  2. Consider whether the fund should hold insurance (i.e Life, TPD, Trauma and Income Protection) for fund members; and
  3. Value the funds’ Assets at Market Value.

Your SMSF Auditor will be on top of these requirements.

Although there is no guidance on how regularly your investment strategy ought to be reviewed it would be appropriate to conduct this task annual.   However, if a member joints or departs the fund then it would be prudent to complete a review of your strategy at that time.

Author’s note:  I have heard on the grape vine that SMSF funds, sometimes referred to as DIY funds, will come under increased ATO scrutiny this year.  The government is quickly realising what a curse these low tax environments are for their bottom line and stay tuned for some unfavourable discussion in the not too distant future.