New Regulations for SMSF – Be Aware

 

New Regulations for SMSF

New Regulations for SMSF

New regulations came into effect last week (August 7) adopting some of the changes to self-managed funds (SMSFs) that were recommended by the Cooper review. These regulations are aimed at improving the governance of SMSFs, particularly the way they manage and monitor their investments.

The head of technical services at SuperIQ, Kate Anderson, says there are four key changes:

  1. Insurance Review -consider whether the fund should hold insurance for one or all of its members.
  2. Investment Strategy Review – regularly check the strategy, more than annually as the current minimum.
  3. Value Assets at Market Values – for reporting purposes for 2012-13 year, instead of the option to value at market or historical values as in the past.
  4. Asset Ownership – separate from trustee or member or associates, is now enforceable, so keep assets in the fund name and no SMSF cash in personal bank accounts or assets.

Annette Sampson, The Sydney Morning Herald READ MORE

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Self-Managed Superannuation Service Providers in Australia. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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