LIFE INSURANCE OR NOT FOR MEMBERS. SIS regulations have changed and SMSF trustees are now required to consider the life insurance requirements of the members of the super fund. This requirement now forms part of the Investment Strategy in order to ensure that the fund remains complying. Amended regulation 4.09 (2)(e) states: The trustee of…

As auditors we have seen a growing trend amongst SMSF’s where they have moved away from direct share investment towards property. In 2007 the government relaxed the rules applicable to self managed superannuation funds when it came to borrowing for the acquisition. Prior to 2007 funds were not allowed to borrow. The change in 2007…

In recent years the ATO has developed a list of breaches and contraventions that they find constantly taking place within many self managed superannuation funds. These breaches and contraventions are bought about in many cases by Trustees who are not up to date with the operating of their SMSF. When it comes to the audit…