Ferguson Cannon Self Managed Superannuation Funds

Key Messages for SMSF Trustees

Every member of a self managed superannuation fund (SMSF) must be a trustee of the fund and is responsible for ensuring that the fund is properly managed and complies with all governing rules.

Each member of a fund will need to make important decisions that will affect the retirement savings of the fund’s members. Firstly for a person to be eligible to be a trustee, they must be over eighteen years of age, an Australia resident, and cannot be an employee or employer of another member.

The duties and responsibilities of a trustee include:

Ensuring that the sole purpose of the fund is to pay retirement benefits to members.
Developing and implementing an investment strategy.
Managing the cash flow of the fund, including accepting contributions and paying out benefits such as pensions and lump sums.
Seeing that the fund is audited for each income year by an approved auditor.
Undertaking administrative tasks such as record keeping and lodging annual returns.

On top of these duties the rules under the Superannuation Industry (Supervision) Act 1993 require you to:

• Act honestly in all matters concerning the fund
• Act in the best interest of all fund beneficiaries
• Allow members access to certain information
• Ensure the money and the assets of the fund are kept separate from your personal assets.

There is a vast array of technical rules governing the management of a SMSF. It is strongly recommended that professional advice is sought before committing to this option.

The team at Ferguson Cannon Lawyers is happy to discuss any questions or concerns you may have regarding the responsibilities and compliance of Trustee’s in a SMSF.

Please contact Byron Cannon or Sam Barber on (07) 5443 6600 or by email for all your SMSF needs:

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