The trustee declaration is a key document that you should take time to consider. It highlights important duties and responsibilities expected of you by the ATO.
Let’s take a look at five key duties and responsibilities that trustees must understand:
- It is your responsibility to make sure the fund is run for the sole purpose of providing super to its members when they retire.
- You must make sure that the SMSF is run appropriately and to the best of your ability. This includes:
- protecting super assets in the fund
- making decisions in the interest of members
- making sure all actions taken are allowed under super laws, and
- implementing and regularly reviewing the fund’s investment strategy.
You must make sure that every trustee or corporate trustee director completes a declaration within 21 days of starting.
If the ATO feels that you don’t understand these responsibilities, it can direct you to complete an education course.
For more SMSF information, take a look at our other videos – or contact us here