Self Managed Super Funds and the ATO

As part of the Government’s Stronger Super reforms for a stronger and more efficient superannuation system to maximise retirement income for members, the ATO is actively contacting trustees of the various Self Managed Superannuation Funds and providing information on the rules and responsibilities for running a SMSF.

The Stronger Super reform also saw changes to legislation that came into effect on 7 August 2012 which put further requirements on trustees as detailed here.

The ATO has become more active in its efforts to ensure all Trustees of SMSF’s (new or existing) are aware of their obligations and superannuation rules.

As part of the services offered by JBS Financial Strategists, we offer advice and guidance of the obligations of Trustees however it is important that all Trustees understand their roles.  We believe all Trustees/clients should be educated and aware of their responsibilities.

Two of the documents being distributed include:

> Running a SMSF – Provides information to SMSF trustees on the rules and responsibilities for running the SMSF, managing the retirement savings and complying with super and tax laws.

> How Your Super Fund is Regulated – Explains how the ATO works with you as Trustees and others to regulate your fund.

If you would like a copy of these documents, please email us at strategies@jbsfinancial.com.au.