The Superannuation Industry (Supervision) Amendment Regulation 2012 (No 2) was registered on Mon 6.8.2012, to require trustees of self-managed superannuation funds (SMSFs) to value assets of the fund at their “market value” when preparing accounts and statements from the 2012-13 year of income. “Market value” takes the same meaning as provided in s 10 of the SIS Act. Note that the final regulation has dropped the original proposal to require SMSF assets to be valued at “net market value” (currently required for large APRA-regulated funds under AAS 25).
A new operating standard will require a trustee to keep money and other assets of an SMSF separate from any money or assets held by a trustee personally or by a standard employer-sponsor (or an associate): SIS reg 4.09A. By making this requirement an operating standard, the Tax Office will have a direct power to enforce compliance.
The investment strategy operating standard has also been amended to require SMSF trustees to consider whether to hold a contract of insurance for one or more of their members.
SMSF trustees are also required to “review regularly” the investment strategy.
The amending regulation commences on Tues 7.8.2012 – ie the day after it was registered.
[LTN 150, 6/8]