27 Aug SMSF Investment Strategy must be regularly reviewed
Measures introduced on 7 August 2012 are part of the suite of measures announced within Stronger Super. These measures mean that you, as trustee of an SMSF, are:
** required to conduct a review of the fund’s investment strategy on a regular basis
** required to consider insurance for fund members as part of the fund’s investment strategy
** required to value the fund’s assets at market value for the purposes of preparing financial accounts and statements – the ATO have published “Valuation guide for self-managed superannuation funds” to assist you to comply with this requirement.
All these measures are now prescribed operating standards for the fund, which means you must ensure they are complied with at all times. Because this was previously a covenant deemed to be part of the governing rules of the fund and not an operating standard, the law did not give the ATO the ability to enforce compliance..