Trustee declaration

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