Changes to insurance provided by SMSFs

From 1 July 2014, the ATO has stated that trustees of an SMSF cannot provide an insured benefit in relation to a member of the fund unless the insured event is consistent with one of the following conditions of release of a member’s super benefits: death terminal medical condition permanent incapacity (causing the member to permanently cease working) temporary incapacity (causing...
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Valuation of Assets at Market Value

Now that the financial year has ended, have you thought about valuing that property, or that collectible? The ATO has now a requirement to value fund assets at market value when preparing financial accounts and statements for the 2013-14. An ATO guide is available to those who wish to read more of the detail – Valuation guidelines for self-managed superannuation funds. Basically,...
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Time to review your Investment Strategy and Insurance Needs

In the past year, the ATO has focused on trustee’s obligations and responsibilities. In the announcement made, trustees need to ensure that they consider insurance and regularly monitor their investment strategy: A requirement to consider insurance for fund members as part of the fund’s investment strategy The ATO issued a paper “Obligations and responsibilities for self-managed super fund trustees”, which...
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Proposed changes to Superannuation announced

  On 5 April 2013 the Government announced a range of proposed changes to the superannuation regime. When considering the proposed changes it is important to note that legislation to implement the changes will not be brought before Parliament prior to the 13 September 2013 federal election.Below is a summary of the key measures announced:-Taxation of fund earnings in Pension...
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