13 Self-Managed Super Funds
Appointing trustees
The responsibilities for trustees
As a trustee it will be your responsibility to ensure that your SMSF complies with all laws.
This includes the duty to:
- act in the best financial interests of all fund members when you make decisions
- manage the fund separately from your own affairs
- ensure the fund meets the sole purpose test
- ensure the money in the fund is only accessed where the law allows it
- know, understand and complete your responsibilities and obligations
- ensure your SMSF has prepared financial statements which are audited every year
- lodge your annual SMSF income tax return and pay the annual supervisory levy.
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Tip All trustees are equally responsible for managing the fund and making decisions even if you are not actively involved in day-to-day decision-making. Trustees can employ the services of professionals to help them, but the full responsibility for decisions and management of the fund remains with each Trustee. |
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