SMSF- Trustee Declaration
A trustee declaration highlights the important duties and responsibilities expected of an SMSF trustee or member.
There are five key duties and responsibilities that trustees must understand:
It is the responsibility of the trustee that the fund is run for the sole purpose of providing super to its members when they retire and that the SMSF is run properly to the best of the members and trustees’ ability. This responsibility includes:
- Protecting the super assets in the fund,
- Make decisions in the interest of members,
- Ensuring that actions taken are allowed under superannuation laws; and
- Regularly reviewing the implementation of the fund’s investment strategies.
There are also restrictions on what investments can be made by an SMSF, and that trustees have the responsibility for making sure that the fund’s investments do no breach these rules. Trustees must know the rules on when an SMSF can receive contributions and when it can pay benefits to members. It is also the responsibility of trustees to make sure that all contributions and payments are compliant with the laws and allowed under the trust deed.
The administrative duties that trustees must perfume include:
- Keeping records for a required period of time,
- Appointing an SMSF auditor for an independent audit yearly,
- Lodgement of SMSF annual return before or on the due date, and
- Notification of ATO on any changes to the SMSF. The members should ensure that the trustees or directors complete their declarations within 21 days after the start of the SMSF.
If ATO has the impression that you do not understand these responsibilities, it can direct you to take an education course about it.
Talk to us if you want to find out more about SMSF, trustee declaration or if you are looking for a reliable SMSF auditor Melbourne.
Kingston Knight Audit are the Auditor Melbourne experts to contact when dealing with your trust account audit, SMSF Audit, financial statement audit, and internal audit requirements. Contact us today, Kingston & Knight Audit offers a free telephone consultation to establish how we can best help you achieve the assurance and compliance you require.