2017 February Client Newsletter

Issue 35 | 15 February 2017

Welcome to ESUPERFUND’s February Newsletter.

In this issue, we detail the 2016-17 Federal Budget Superannuation Reforms and highlight the actions you may need to take prior to 01 July 2017. In addition, we clarify the rules on insurance policies through SMSFs. Lastly, we highlight the SMSF Checklists available on the Australian Taxation Office (ATO) website which are a useful tool to ensure your SMSF remains compliant at every stage.

Mark Needham

Client Services Manager

What's New

2016–17 Federal Budget Superannuation Reforms

Legislation to implement the Government's superannuation reforms passed the Parliament on 23 November 2016, which may significantly impact your SMSF from 01 July 2017. You can visit our website for an Overview of the Superannuation Reforms. Your super is your future – check to see if you are directly affected, or how these changes may allow for you to maximise your savings for retirement.

ESUPERFUND will contact clients who are directly affected by the Super Reforms over the coming months with more detailed information to help you understand the changes, how they may affect you, and what you may need to know and do pre and post 1 July 2017.

Do You Know?

Why Is Insurance Important?

The SIS Act requires that all SMSF Trustees consider the insurance needs of its members as part of the fund’s investment strategy. When you become a client of ESUPERFUND, your SMSF is permitted to arrange Insurance for its Members.

Avoid Audit Issues

As the trustees of the SMSF, you need to ensure the Insurance Policies comply with the following rules:

    The Insurance Policy Owner must be in the name of the SMSF with specified Member named as the Insured person.
    The insurance premiums should be made from the SMSF bank account.
    Allowed Insurance Polices: Life insurance; Any-occupation TPD; Standard Income Protection.
    Disallowed Insurance Polices: Trauma; Own-occupation TPD are disallowed from 1 July 2014 (existing policies purchased prior to 1 July 2014 can remain in place).

Please click here (https://www.esuperfund.com.au/insurance/how-it-works) to learn more about SMSF insurances.


ATO SMSF checklists

As a Trustee of your SMSF you are responsible for making all the investment decisions for your SMSF and complying with all legal obligations. You need to devote time and efforts to manage your own SMSF.

As a quick guide, you may refer to the ATO’s SMSF Checklist (https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/SMSF-resources/SMSF-checklists/) for a list of the items you need to comply with when your SMSF enter different stages.



My wife and I set up our SMSF in 2009 with ESUPERFUND and have never regretted it, they keep you on track all the way with documentation you can understand and a timeframe to meet the ATO requirements. I never hesitate in recommending them to friends and family.

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