SMSF Trustee

What does it mean to be a Self Managed Super Fund trustee?

When you set up an SMSF, you take on the role of either a:

• Trustee
• Director of a company that is a trustee (called a ‘corporate trustee’)

A trustee is a person or company that holds and invests the fund’s assets for the benefit of members. As a trustee or director of a corporate trustee, you will be responsible for running the fund and making decisions that affect the retirement interests of each fund member, including yourself.

Being a trustee gives you the opportunity to actively manage your own super and make your own investment choices, but it also brings responsibilities.

As a trustee, your duties and responsibilities include:

• Making sure your fund’s sole purpose is to pay retirement benefits to members or their beneficiaries in the event of the member’s death
• Accepting contributions and payment benefits (whether a pension, lump sum or a combination of both) according to the super and tax laws
• Making and documenting investment decisions and complying with any restrictions
• Making sure an independent approved auditor is appointed for each income year
• Completing administrative tasks, such as keeping records and lodging annual returns
• Reviewing and updating the fund’s trust deed and investment strategy on a regular basis

If you need any assistance, please contact SuperHelp on 1300 736 453.

Article Disclaimer: This information should not be considered personal financial advice as it is intended to provide general advice only. The article has been prepared by SuperHelp Australia Pty Ltd without taking into account your personal objectives, financial situations or needs.

The information contained in the article may not be appropriate to your individual needs therefore you should seek personal financial advice before making any financial or investment decisions.