As a result, fringe benefits after 1 April 1999 will need to be included in the 2000 fiscal year. 1999 introduces the legislation to transfer to the ATO the supervisory powers over DIY funds. This is to take effect from 1 July 1999. Self managed funds must elect to transfer to the new regime. If the trustee does not elect, then the trustee must be an approved trustee.
Relatives has a very similar operation as in income tax legislation.
It also recognises ex spouses. Where a child is a member, then a parent or guardian may be a trustee. Once a trustee ceases to satisfy the requirements, then there is a maximum of six months allowed to correct this. Death and disability are the most obvious trigger events for breach. They have not been properly dealt with.