- self-managed super
- corporate services
be the trustee
In short, trustees are responsible for making sure the fund is run in the member’s interests and complies with the fund’s governing rules and all laws.
There are four basic conditions an SMSF must meet:
- There must be no more than four members.
- All members must be trustees and all trustees must be members. Where there is a corporate trustee, each member must be a director of the company and each director must be a member. If it’s a single member fund, you must have either two individual trustees – you, the member and the other a non-member – or a corporate trustee where you are the sole director or one of two directors.
- No member can be an employee of another member, unless related.
- No trustee can be paid for their job as a trustee.
Trustees need to:
- have the fund independently audited annually
- complete an annual regulatory return (NAT 71226) which reports your fund’s income tax, member contributions, prudential, compliance and regulatory information
- ensure the fund’s activities are within the trust deed and super legislation, and
- ensure any contributions and benefits are consistent with the trust deed and super and tax laws.
- introduction to SMSFs – understand the basics of SMSFs
- getting money into your SMSF – Greg talks about how to invest in your SMSF