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.