SMSF Trustee Obligations

Self-managed Superannuation Funds (SMSF) are similar to other superannuation funds. A SMSF allows you to organise and manage your own superannuation investments. There are many advantages of a SMSF but you must ensure that the SMSF is set up and structured properly. Our team will clearly and simply explain your rights and trustee obligations of a Self-managed Superannuation Fund to ensure the fund is properly managed and complies legislation and the Australian Taxation Office (ATO). As a trustee of a SMSF, it is very important you are aware of your legal obligations.

What are the SMSF Trustee Obligations?

The responsibility that comes with being the trustee of the SMSF is significant. The primary concern of the trustee is the management of the fund for the benefit of members for their retirement. It is also importance to ensure that fund assets are held in trust and invested on behalf of the members.

All trustees are equally responsible for managing their SMSF to make sure that it complies.

Trustees are also required to review of the fund’s investment strategy on a regular basis. They should consider insurance for members as part of the fund’s investment strategy and value the fund’s assets at market value to ensure that financial accounts and statements are accurate.

Contact our team today to discuss your SMSF Trustee Obligations, or if you have any Self-Managed Superannuation Fund questions in general.