Obligations and responsibilities for SMSF trustees

New measures were introduced by Stronger Super on 7 August 2012 that require SMSF trustees:

–       to conduct a review of the fund’s investment strategy on a regular basis

–       to consider insurance for fund members as part of the fund’s investment strategy

–       to value the fund’s assets at market value for the purposes of preparing financial accounts and statements

–       to keep money and other assets of the fund separate from any money or assets held by you personally or by a standard employer-sponsor or an associated standard employer-sponsor is now a prescribed operating standard.

All these measures are prescribed operating standards for SMSFs, which means SMSF trustees must ensure they are complied with at all times.