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Self managed super funds - a continuing compliance challenge
As the number of self managed superannuation funds continues to grow, we are developing support tools for trustees and will issue guidelines for approved auditors on preparing auditor contravention reports.
Trustees will be able to lodge a combined form covering their income tax, regulatory and member contribution statements for 2007-08.
For new funds, we are undertaking a program of special compliance checks to assist trustees in understanding their obligations, including obtaining confirmation that a trustee declaration has been signed and can be produced. We are also further analysing the reasons why people set up self managed funds with a view to ascertaining motivation, so we can tailor our education, support and compliance activities.
There will be a significant increase in compliance activities for self managed funds generally, focusing on requirements around in-house assets, loans to members and income tax issues such as special income. We will continue to examine auditor contravention reports. Where funds do not meet the definition of a self managed fund, we will work with the trustees to restructure the fund so that it can meet the definition.
We are also expanding our compliance reviews of approved auditors to ensure they are fulfilling their roles.
Last Modified: Thursday, 16 August 2007