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

Times:
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