According to HLB Mann Judd, one change SMSF trustees need to be cautious about is the government’s SuperStream legislation which comes into force on 1 July 2014.
HLB Mann Judd Sydney's director of wealth management, Andrew Yee, said the new legislation affects all superannuation funds, but trustees of SMSFs are “more likely to be caught out” if they are not aware of the changes.
“Essentially, SMSFs will need to be able to accept superannuation contributions electronically to comply with the SuperStream Data and Payment Standard. Contributions made by non-electronic means, such as cash or cheque payments, will not be acceptable,” he added.
Mr Yee added it is important SMSF trustees ensure their fund’s auditor is ASIC-approved and licensed.
He explained that since 1 July 2013, auditors of SMSFs have needed to be specifically registered and approved by ASIC as a specialist SMSF auditor.
“Trustees of SMSFs cannot automatically assume that the previous year’s auditor will be ASIC-approved and licensed, as many existing auditors did not apply or are still to apply for registration,” Mr Yee said.