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Responsibilities Of A SMSF Trustee

Every member of an SMSF must either be a trustee of the fund, or a director of a company that is the trustee of the fund. Your responsibilities under either option are broadly the same and include:

managing and investing the fund's assets in accordance with your fund's investment strategy

  • complying with various superannuation and tax laws
  • acting in the best interests of fund members
  • keeping SMSF assets separate from the personal assets of the fund's members
  • keeping all appropriate records for the fund, which includes creating and retaining official minutes (eg about trustee decisions)
  • arranging an annual independent audit of your fund
  • lodging an annual tax return, and
  • paying the annual supervisory levy to the ATO.

Being a trustee is an important responsibility. But, you can get help. We can help keep your fund on track and look after the paperwork including record-keeping, tax returns and the annual audit. We can also keep you up-to-date on any changes in superannuation laws.

Contact us for more information

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DISCLAIMER:  The information contained on this website is provided for general education purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.