They require all SMSF Trustees to:-

• Regularly review their fund’s investment strategy
• Consider insurance for members as part of their fund’s investment strategy
• Value assets at market value for reporting purposes

The Australian Taxation Office are able to enforce the requirement that the fund keep its money and assets separate to that held by trustees personally, or standard employer-sponsors.

Failure to meet these obligations may result in a personal penalty upon the trustees.

A personal penalty is more likely to be imposed than the old ‘big-stick’ of non-complying status.

Any SMSF trustee needs to ensure that administration of their retirement assets meet these.