Super changes official

THE government has released details of the new administration arrangements for self managed super funds.

Effective from July 1, the following provisions will apply:

• The prudential regulation of self managed funds will transfer from the Australian Prudential Regu-lation Authority (APRA) to the Australian Taxation Office. This will allow advisers some consistency of treatment as well as minimising the administration requirements that currently exist

• The definition of a self-managed fund will be as follows:

1. There are less than five members

2. All of the members are trustees (or directors of the body corporate where the trustee is a company) and there are no other trustees

3. All members of the fund have a family or business relationship.