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:
- 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.
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Book your free consultation with me to find out if SMSF is right for you. If you have any other questions, we are happy to help!
Why is SMSF Set up so affordable at SuperHelp?
SuperHelp has been servicing the SMSF market for over 15 years. We pride ourselves on being able to provide an affordable SMSF service without compromising on quality. One of these services is to provide new members with setting up their SMSF at an affordable fee when they use our award winning service.
Do I need to use a specific bank, broker or provider?
Unlike other SMSF administrators and accountants we do not restrict you to what bank, broker or service provider you use. We are independent and do not take any commissions from other parties so that our clients can invest their super where they please.
How long has SuperHelp been around for?
SuperHelp have been around since 2002 - so over 15 years! While new SMSF administrators have come and gone, we are still around!
Do you offer any other SMSF services?
Yes we do! You can see a full list of SMSF services on our services page.
SuperHelp is located in Macquarie Park, NSW however we work with clients all around Australia.