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.

The new regulations require that:

q      trustees of SMSFs must consider insurance for their members as part of the fund’s investment strategy;

q      money and other assets of an SMSF is to be kept separate from those held by a trustee personally (and by some employers); and

q      SMSF assets are to be valued at market value for reporting purposes.