Measures introduced on 7 August 2012 are part of the suite of measures announced within Stronger Super. These measures are intended to address potential risks and strengthen the regulatory framework in which self-managed super funds (SMSFs) operate.

These measures mean that  trustees of all SMSFs, are:

The obligation that  trustees of SMSFs are required to keep money and other assets of the fund separate from any money or assets held by the trustee  personally or by a standard employer-sponsor or an associated standard employer-sponsor is now a prescribed operating standard.

 

Trustees have always had an obligation to keep the money and other assets of the SMSF separate  However, because this was previously a covenant deemed to be part of the governing rules of the fund and not an operating standard, the law did not give the ATO an enforcement role.

The new regulation has made this requirement an operating standard, which gives the ATOthe power to enforce compliance. A person who intentionally or recklessly contravenes this standard is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units (one penalty unit currently equals $110).