On 7 August 2012, the following measures were introduced as prescribed operating standards – meaning
that they must be complied with at all times by trustees of self managed superannuation funds.
During the 2012/2013 income year and beyond, all trustees are:
- required to review their fund’s investment strategy on a regular basis;
- required to consider insurance for members as part of the fund’s investment strategy;
- required to value the fund’s assets at market value for the purposes of preparing financial statements;
- required to keep all money and other assets of the SMSF separate from those held by trustees personallly.
As the above measures are now operating standards, the ATO now has the power to enforce compliance and convict and fine any individual who intentionally or recklessly contravenes these standards.
Should you require assitance with, or any further information regarding, the compliance of these prescribed operating standards, please contact The SMSF Accountant.