APRA & ASIC Release Joint Letter to Super Trustees on COVID-19
APRA and ASIC have issued a joint letter to superannuation trustees on COVID-19. Both regulatory bodies have released their own FAQ document containing additional information for trustees.
Commentary
The most important information for SMSF professionals is that trustees have been advised to ensure that the valuation of unlisted and illiquid assets remains appropriate and consider whether any assets need to be revalued.
From our point of view, the market valuation of unlisted entities is going to be difficult, especially when the investments are material. We may see some funds facing going concern issues for the very first time as a result of members inability to contribute as a result of COVID-19 unemployment.
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