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What are the major compliance issues raised in Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2)?
On the 6 August 2012 the Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2) was registered. This regulation amends the Superannuation Industry (Supervision) Regulations 1994 (SISR 1994). The amendment focused on 3 key areas including:
1. Market Valuation of Superannuation Assets: Assets of the Superannuation Fund must be valued at Market Value - Refer 8.02B SISR 1994.
2. Investment Strategy: The investment strategy must be reviewed regularly. The trustee of a Self Managed Superannuation Fund (SMSF) should also consider whether it should hold an insurance policy for one or more of its members. Refer Regulation 4.09 SISR 1994.
3. The Separation of Assets: A trustee of a regulated superannuation fund must keep the money and other assets of the fund separate from any money and assets held by the trustee personally, or a standard employer'sponsor, or an associate. Refer Regulation 4.09A SISR 1994.