All Trustees needs to fill out the ATO Trustee Declaration form within 21 days of starting their role as a Trustee of the SMSF. This is to ensure that new Trustees (or directors of a Corporate Trustee) understand their obligations and responsibilities as Trustees of the SMSF. To learn more
about Trustee’s duties and responsibilities, the ATO provides a freeTrustee Education Courses which can be accessed here.
As a Trustee of the SMSF you must keep a record of the completed Trustee Declaration while you remain a trustee or for 10 years, whichever period is longer.
It is the Trustee’s responsibility to make sure the Fund is run for the sole purpose of providing retirement benefits for its Members. This will include:
- 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 reviewing the SMSF’s investment strategy on a regular basis.
Individuals who act on behalf of a Member as a Trustee or Director of a Corporate Trustee of an SMSF, are also required to complete the Trustee Declaration form, which usually applies to:
- Member who is under a legal disability (usually a Member under 18 years of age)
- Member for whom you hold an enduring power of attorney
- A deceased Member
