Drew Browne, Senior Adviser from Sapience Financial & Insurance Services chats with Special Tax Counsel David Glen about new responsibilities for Australian SMSF Trustees.
In August 2012, the Australian Government made an amendment to the SIS Act in Regulation 4.09. ASIC has made it very clear that Reg 4.09 is a non—negotiable requirement for SMSF Trustees.
So what is this non-negotiable regulation that affects all SMSF Trustees?
The SMSF Trustee now has to consider the insurance needs of the members. This forms part of the investment strategy and should be written down so that the SMSF Auditor and verify it.
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