It is an ATO requirement to have a minimum of 2 Individual Trustees or a Corporate Trustee. Note the second Trustee does not need to be a Member. However, the second Trustee can be a Member if you so decide. A Trustee should have a Tax File Number and be over 18.
In a Corporate Trustee structure, all Members must be Directors of the Corporate Trustee.
The term “settlor” refers to the person who establishes a Trust. In an SMSF, the settlor is the Trustee.
By signing the Trustee Declaration, you are legally confirming that you understand your obligations under superannuation law, and a lack of understanding will not be accepted as a defense in the event of a compliance breach. As a trustee, you are personally responsible for all aspects of the fund, including compliance, investment decisions, record-keeping, and reporting requirements.
| Key Trustee Obligations |
| Maintain and regularly review a documented investment strategy |
| Arrange an independent annual audit by an approved SMSF auditor |
| Lodge an annual return with the ATO, including payment of the supervisory levy |
| Accurate records of all transactions, decisions, and meeting minutes must be kept |
| The Fund’s assets are never used for personal benefit, even on a temporary basis |
| Ensure the fund complies with the Sole Purpose Test at all times |
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