Future thinking should be shared. With that in mind our team publishes insights weekly to help keep you in the (k)now.


Hewison Private Wealth - Insights
Hewison Insights
SMSF Trustees
The Australian Taxation Office (ATO)

New Website for SMSF trustees

Chris Morcom
Partner/Private Client Adviser
29 Apr 2013

The Australian Taxation Office (ATO) has recently released a website to assist Self Managed Super Fund (SMSF) trustees, following new rules which apply to their funds.

The website sets out the new requirements, including:

SMSF Auditor registration

  • Transactions involving related parties, including new rules requiring listed assets to be transacted through a stock exchange
  • New penalties that apply to trustees in case of certain breaches of superannuation regulations
  • New penalties to deter promoters of illegal early access to superannuation
  • Tighter rules for SMSF investment strategies, including the need for regular review and for trustees to consider the insurance needs of members
  • The valuation of assets, requiring assets to be valued at market value at the end of each financial year
  • The requirement to keep the assets of the SMSF separate to personal and other assets (this change gives the ATO power to enforce a previous operating standard)
  • New SMSF registration and rollover process, which require proof of identity checks and registration of the SMSF bank account
  • New SMSF adviser details which will capture the identity of advisers assisting with the establishment of new SMSFs
  • New data and ecommerce standards that require the use of electronic methods for transacting payments and related data.

Some of these changes are already in place, some start from 1 July 2013 and others start from 1 July 2014.  More information can be obtained direct from the ATO website or by speaking to your Hewison Private Wealth adviser.

The constant changes in superannuation rules can be frustrating and make the job of SMSF trustees more difficult. It is for this reason we recommend having an adviser who specialises in SMSFs assist you to ensure your fund remains up to date with the latest regulations.

Self Managed Super Fund Education Series

In the first of our SMSF education series, Hewison Private Wealth Director Chris Morcom will provide attendees of this session an overview of issues SMSF trustees need to know about, and an update on key changes to SMSF regulations. Our aim is to build SMSF trustees knowledge of the rules and regulations that apply to the management of their own superannuation fund.

This event will be an intimate and open forum with ample time allocated for your questions.

Details are as follows:

Date: Tuesday 30th April 2013

RSVP: To Clare Kerber on 03 9682 1900 or email clare@hewison.com.au

5.45 – 6.30pm
Networking (drinks and canapés served)

6.30 – 7.10 presentation

7.10 – 7.30 questions

We look forward to seeing you there!

Level 4/102 Albert Road South Melbourne VIC 3205

Hewison Private Wealth is a Melbourne based independent financial planning firm. Our financial advisers are highly qualified wealth managers and specialise in self managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management. If you would like to speak to a financial adviser on how you can secure your financial future please contact us 03 8548 4800, email info@hewison.com.au or visit www.hewison.com.auPlease note: The advice provided above is general information only and individuals should seek specialised advice from a qualified financial advisor. The views in this blog are those of the individual and may not represent the general opinion of the firm. Please contact Hewison Private Wealth for more information.