Guide to self-managed superannuation funds

Step 6: Appoint your trustees

New funds usually appoint trustees under the fund's trust deed.

All trustees and directors need to sign a declaration stating that they understand their duties and responsibilities. They need to do this within 21 days of becoming a trustee or director, and you need to keep the declaration for as long as it is relevant, or otherwise for at least 10 years.

The declaration needs to be available for us to see if we request it as part of an audit or review.

	If you don't sign and retain the declaration, or make it available to the ATO when we request it, penalties may be imposed. All trustees are bound by the trust deed and are equally responsible if its rules aren't followed.
	For more information about trustee declarations or to obtain one, refer to Trustee declaration (NAT 71089).
	Self-managed super funds - home

Sections within Setting up an SMSF

• What it means to be a trustee
• How your SMSF is regulated
• Laws, rules and consequences
• Step 1: Appoint an SMSF professional to help you set up and run your fund
• Step 2: Work out the structure of your fund
• Step 3: Make sure you (and the other members) are eligible to be a trustee
• Step 4: Check the residency of your fund
• Step 5: Create your trust and trust deed
• Step 6: Appoint your trustees
• Step 7: Record each member's tax file number
• Step 8: Open a bank account for your fund
• Step 9: Register with the ATO
• Step 10: Prepare an investment strategy