new rules for trustees

From memory, this may have been covered before, but I came across it again (from the ATO perspective) when looking for something else.

Some may already be performing one or more, but it is now a requirement for the following 3 rules.

"
The new regulations apply to SMSFs from the 2012-13 income year and require them to:

Value the fund's assets at their market value for the purpose of preparing the financial accounts and statements of the fund.

Consider insurance for their members as part of the fund's investment strategy.

Review the fund's investment strategy regularly to take into account the changing circumstances of the fund and its members.
"


http://www.ato.gov.au/content/00332975.htm