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TRUSTEE RESPONSIBILTIES
April 2014
 

ONE OF THE KEY DRIVERS OF THE GROWTH OF SELF-MANAGED SUPERANNUATION FUNDS (SMSF) IS THE ABILITY FOR YOU TO TAKE CONTROL OF YOUR OWN SUPERANNUATION.

However, it is important to understand that with this control comes increased responsibility, as trustee of your SMSF as you are ultimately responsible for the prudent management of your super fund. The incentive to maintain your SMSF as a complying super fund is to ensure your super fund continues to receive favourable concessional tax treatment.

What are my key responsibilities as trustee?

As trustee of an SMSF you must act in accordance with:

  • The provisions of the Superannuation Industry (Supervision) Act 1993 (SISA) and its Regulations
  • The SMSF trust deed rules and provisions
  • Other rules imposed, for example under Taxation law and Trust law.

What are the SISA ‘Covenants?’

The Superannuation Industry (Supervision) Act (SISA) contains covenants (i.e. rules) that are automatically deemed to be included in the trust deed of every regulated super fund in Australia. These covenants reflect the duties imposed on all trustees under general trust law, and require trustees to:

  • Always act honestly
  • Exercise the same degree of care, skill and diligence as an ordinary prudent person in managing your SMSF
  • Act in the best interest of all your SMSF’s beneficiaries
  • Keep the SMSF’s assets and money separate from other money and assets, such as business and personal money and assets
  • Retain control over your SMSF
  • Develop and implement your SMSF’s investment strategy
  • Not enter into contracts or behave in a way that hinders trustees from properly performing their duties or powers
  • Allow beneficiaries access to certain information about the SMSF

SEE FULL ARTICLE BELOW

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SISFA’s view for the immediate future of Self-Managed Super Fund policy Article By Darren Kingdon

A recent article on SISFA’s view for the immediate future of Self-Managed Super Fund policy. Since the publishing date, note the Government has somewhat surprisingly scrapped the planned departmental review into Super Fund Borrowing Arrangements. Good news!  

I trust this article is of interest and if you have any further questions please don’t hesitate to Darren Kingdon via the email below.

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Increase the superannuation contributions caps from 1 July 2014

The ATO recently announced the welcome news it would increase the superannuation contributions caps from 1 July 2014 for both concessional and non-concessional contributions (see ATO extract below).

Importantly, what this good news can also mean is that tax deductions for concessional contributions made in 2013/14 may increase to $30,000 or $35,000 for certain individuals with a bit of planning and should the circumstances permit.

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Paperless Office Courier Mail Article

Paperless Office Courier Mail Article 2013 March 23 CAITLIN DRYSDALE

As approved superannuation auditors Mr Bellas and his team audit the work of other private superfund-managing accounting firms, and back then the paper was piling up. ‘‘We would get senthundreds of couriered boxes of papers and files a day,’’ Mr Bellas said. ‘‘We would audit thousands of self-managed superannuation funds and we couldn’t cope with the demand of doing it on paper, so I decided we would have to go 100 per cent digital.’’

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Auditor Independence

Does your SMSF need a new auditor?

Article by John Wasilev (Smart Investor and Financial Review) Dec 04 2013

While the notion of DIY funds having an independent auditor has been talked about for years, it’s only since July 1 – with the introduction of a stricter DIY fund auditing regime – that the preferred way this should happen is for the auditor to be an external party has been more widely discussed. But even an external auditor may not be as independent as some think.

 

 

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