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SMSF Updates

SMSF Trustees to value the assets at market value
09 Aug, 2012

The Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) has been registered and requires 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 income year. A new operating standard will also require trustees to keep money and other assets of an SMSF separate from any money or assets held by trustees personally or by a standard employer-sponsor (or an associate). SMSF trustees are required to “review regularly” the investment strategy. The amending regulation commenced on 7 August 2012.

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