For the majority of cases a self managed super fund that has a a bank account or shares will not require a declaration of trust or acknowledgement of trust, as the asset title will clearly show it as being held on behalf by the trustees for the SMSF.
There are certain assets where titles do not often allow for the correct registration such as property held overseas. This is when a declaration of trust or acknowledgement of trust needs to exist to satisfy the auditors. This is part of audit requirements as per Section 52 (2) (d) of the SIS act. Failure to do so will require the breach to be reported in the audit repot and in the ATO contravention report.
REMEMBER, the above are issues that auditors focus on when it comes to the audit of a SMSF. Our audits for funds start from $300 and follow a comprehensive audit plan.
DISCLAIMER: The above is general advice only, you should not act on this advice without consulting a professional adviser to discuss your personal circumstances.