The ATO has introduced new measures on 7 August which are part of the suite of measures announced within the Stronger Super legislation.
The measures are intended to address potential risks and strengthen the regulatory framework in which SMSFs operate and as such have implications on the obligations and responsibilities of SMSF trustees.
The measures mean that trustees are required to:
- conduct a review of the fund's investment strategy on a regular basis
- consider insurance for fund members as part of the fund's investment strategy
- value the fund's assets at market value for the purposes of preparing financial accounts and statements
These measures are prescribed operating standards for the fund, which means that trustees need to ensure they are complied with at all times and the ATO has the power to enforce compliance and apply penalties where appropriate.
If you would like to discuss this in more detail and or how they might apply to you, please feel free to contact us.