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ATO will be provided with new regulatory powers to "prevent" and penalize breaches of the super legislation. Administrative penalties on a sliding scale basis will be levied upon less serious cases of non-compliance and will be payable by trustees from their own personal resource (and not from the assets of the SMSF). The ATO will also be tasks to issue trustees with a "direction" to rectify contraventions within a specified timeframe and enforcement of mandatory education for trustees where there is non-compliance with the super legislation. This is especially for less serious non-compliance, so that theses trustees are aware of their obligations.
2. SMSF Service Providers
SMSF service providers will need to comply with knowledge and competency requirements. ASIC will develop a mandatory SMSF specialist knowledge component of Regulatory Guide 146 to impose minimum training requirements on financial advisors providing services to SMSFs.
ASIC has also been appointed as the registration body for Self Managed Superannuation Fund approved auditors. ASIC will determine the qualifications and minimum ongoing competency and knowledge standards required for eligibility to be registered, taking into account existing professional competencies and knowledge standards. The ATO will monitor compliance with the approved auditor standards.
SMSF approved auditors will also be required to meet independence standards as part of their ongoing registration. ASIC will examine existing auditor independence standards that may be applied and if necessary, develop new independence standards.
3. Other issues
• The government will undertake a review of borrowings in two years time;
• The government will continue to allow SMSFs to invest in collectibles and personal use assets, provided they are held in accordance with tightened legislative standards;
• The ATO will not be provided with the power to issue binding rulings in relation to SMSFs;
• Investment in in-house assets will not be prohibited;
• SMSF trustees will not be required to provide information to members on an annual basis;
• Increase in annual SMSF levy with effect from 2010-2011 financial year
2. SMSF Service Providers
SMSF service providers will need to comply with knowledge and competency requirements. ASIC will develop a mandatory SMSF specialist knowledge component of Regulatory Guide 146 to impose minimum training requirements on financial advisors providing services to SMSFs.
ASIC has also been appointed as the registration body for Self Managed Superannuation Fund approved auditors. ASIC will determine the qualifications and minimum ongoing competency and knowledge standards required for eligibility to be registered, taking into account existing professional competencies and knowledge standards. The ATO will monitor compliance with the approved auditor standards.
SMSF approved auditors will also be required to meet independence standards as part of their ongoing registration. ASIC will examine existing auditor independence standards that may be applied and if necessary, develop new independence standards.
3. Other issues
• The government will undertake a review of borrowings in two years time;
• The government will continue to allow SMSFs to invest in collectibles and personal use assets, provided they are held in accordance with tightened legislative standards;
• The ATO will not be provided with the power to issue binding rulings in relation to SMSFs;
• Investment in in-house assets will not be prohibited;
• SMSF trustees will not be required to provide information to members on an annual basis;
• Increase in annual SMSF levy with effect from 2010-2011 financial year
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