Whether you are a Corporate Trustee or Individual Trustee of a SMSF you have responsibilities in running and administering the fund.
With a newly established superannuation fund all new trustees are required to complete, sign and lodge a Trustee declaration with the ATO within in 21 days of becoming a trustee. This can be accomplished by reference to Trustee declaration (NAT 71089) and fact sheet (NAT 71128), both obtainable from the ATO. In 2012 the Trustee declaration was updated with three major changes. These being:
- That trustees are aware that they are aware of not having access to government’s financial program in case of financial loss due to theft or fraud.
2.. Consideration given to whether the SMSF Fund should insurance cover for its members.
- That trustees/members review the investment strategy on a regular basis.
DISCLAIMER: The above is general advice only, you should not act on this advice without consulting a professional adviser to discuss your personal circumstances.