The SMSF Trustee Declaration

SMSF Trustee DeclarationSince 30 June 2007 it has been a requirement for new trustees of SMSFs, or directors of the corporate trustee of a SMSF, to sign the Trustee DeclarationThe trustee declaration summarises many of the duties and restrictions of a  SMSF trustee and should be read carefully and understood, along with the ATOs ‘Self-managed super funds – key messages for trustees‘.

s104A of the Superannuation Industry (Supervision) Act 1993 requires that if a person becomes a trustee of an SMSF, or the director of a corporate trustee of an SMSF, they must: Read more...

New requirements for SMSF Insurance from 1 July 2014

New requirements for SMSF Insurance from 1 July 2014From 1 July 2014 SMSFs will not be allowed to provide new insurance cover in respect of a member where the insurance definition is not in line with one of the following Conditions of Release under SIS:

  • Death
  • Terminal Medical Condition
  • Permanent Incapacity
  • Temporary Incapacity

New Features

There are some new features on the site:

  • ATO Superannuation Rulings
    • List of recent ATO Self Managed Super Fund Determinations, Interpretive Decisions, Self Managed Super Fund Rulings, Taxpayer Alerts & Law Administration Practice Statements
    AAT Decisions
    • Recent court cases relating to Superannuation and SMSFs
    SASG/NTLG Minutes
    • List of Superannuation Administration Stakeholder Group and National Tax Liaison Group Superannuation Technical Sub-Group minutes
    Other Resources

  • Other useful resources relating to Superannuation and SMSFs
  • Read more...

The SMSF Investment Strategy

Superannuation & SMSF StrategySMSFs are required under the SIS Operating Standards (SIS Regulation 4.09, under SIS Act 31(1)) to ‘formulate, review regularly and give effect’ an Investment Strategy. Under s34 of the SIS Act contravening the Operating Standards can result in a fine of 100 penalty units, currently $ 17,000.

Under the Regulations the Investment Strategy must consider at least the following (para-phrased):

  • Risk and Return
  • Diversification
  • Liquidity and Solvency
  • Insurance cover for members

ATO Supervisory Levy – Trend, Transition and Collection

The purpose of the ATO Supervisory Levy is to collect revenue to offset the costs of the ATOs role as regulator of SMSFs. As a result the amount of the levy has been trending upwards in recent years. Additionally the levy is currently being transitioned from being collected for the prior year to a pre-payment for the following year – resulting in a spike in the amount payable in one year, as shown in the following graph:

ATO SMSF Supervisory Levy Amount Payable by Year