SMSF – Trustees Declaration

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      Lesson summary:

      The trustee declaration is an important document for trustees to understand as it outlines key duties and responsibilities expected by the Australian Taxation Office (ATO). Trustees have a responsibility to ensure that the self-managed super fund (SMSF) is run appropriately and solely for the purpose of providing super to its members when they retire. Trustees must also protect super assets in the fund, make decisions in the interest of members, ensure that all actions are allowed under super laws, and regularly review the fund’s investment strategy. There are restrictions on SMSF investments, and trustees must comply with laws on contributions and payments. Additionally, administrative duties include keeping records, appointing an SMSF auditor, lodging the SMSF annual return, and notifying the ATO of changes. If trustees do not understand their responsibilities, the ATO can direct them to undertake an education course. It is important to note that even if trustees have an administrator or SMSF professional, the trustee duties and responsibilities still remain with them.

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