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  • You must understand your duties and responsibilities

    Your trustee duties and responsibilities include:

    • making sure the purpose of the fund is to provide retirement benefits for members
    • preparing an investment strategy and making investment decisions in accordance with that strategy
    • accepting contributions and paying benefits (income streams and lump sums) in accordance with super laws and the fund trust deed
    • advising us of any changes in trustees, directors or members within 28 days of the change occurring
    • ensuring an approved SMSF auditor is appointed for each income year
    • undertaking administrative tasks such as lodging annual returns and record-keeping.

    You must also ensure the fund trust deed and investment strategy are regularly reviewed and updated in accordance with the law and the needs of the members.

    Over time your circumstances may change, possibly in a way that affects your ability to effectively manage the fund and undertake your obligations as trustee. Throughout the fund’s life cycle, you must consider the individual circumstances of each member and the general condition of the fund. You need to continually assess whether an SMSF is still the appropriate option for your fund members.

    To avoid penalties, make sure you understand and comply with your duties and responsibilities under super laws.

      Last modified: 01 Mar 2016QC 19273