New rules for trustees of SMSFs
The ATO has issued a reminder that new regulations apply to self-managed superannuation funds (SMSFs) from the 2012/13 income year.
They require trustees of SMSFs to:
- value the fund’s assets at their market value for the purpose of preparing 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 on a regular basis.
Trustees who fail to comply with these requirements may be subject to penalties.