Trustee declaration – get it right

The trustee declaration is an important document for all self-managed super funds (SMSFs). Trustees and directors of corporate trustees must complete a separate trustee declaration within 21 days of starting their role as a trustee (or director of a corporate trustee) to declare they understand their obligations and responsibilities.

As a trustee you must keep your completed trustee declaration while you remain a trustee or for 10 years (whichever period is longer).

Before signing, you should ensure you understand your responsibilities as outlined in the declaration – we strongly recommend you undertake our free trustee education courses.

It is your responsibility to make sure the fund is run for the sole purpose of managing superannuation for its members, including:

• protecting super assets in the fund
• making decisions in the interest of members
• making sure all actions taken are allowed under super laws
• implementing and regularly reviewing your SMSF’s investment strategy.

There are investment restrictions you also need to be aware of when running an SMSF.

Additionally, there are a range of administrative responsibilities when running an SMSF including:

• keeping records for required timeframes
• appointing an SMSF auditor each year
• lodging the SMSF annual return by the due date
• notifying the ATO of changes to the SMSF.

If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.