Setting up a self-managed super fund

What it means to be a 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.

You must comply with the super and tax laws to make sure your fund is entitled to tax concessions and your members' interests are protected.

You must also:

• act in the best interests of all fund members when you make decisions
• manage the fund separately from your own affairs
• make sure the money in the fund is only accessed if the law allows it - see Paying super benefits to members.

Being a trustee gives you the opportunity to actively manage your own super and make your own investment choices, but it also brings responsibilities. All trustees and directors of a corporate trustee are equally responsible for managing the fund and making decisions - even if one trustee takes a more active role in its day-to-day running.

For a summary of your role and responsibilities as a trustee, see Understanding your role and responsibilities. For more information, refer to Running a self-managed super fund (NAT 11032).

Sections within Deciding to set up an SMSF

• Things to consider
• Legal protections for SMSFs
• What it means to be a trustee