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Your responsibilities as a trustee

As a trustee of an SMSF you will be responsible for meeting a range of legal and other obligations and penalties may apply if you don't perform your duties.

Some of the key responsibilities include:

  • holding assets for the sole purpose of providing benefits for your members upon their retirement (or your members' beneficiaries if they die)
  • developing, implementing and reviewing an investment strategy for your fund
  • keeping your super assets separate from your personal or business assets and assets of employers who contribute to your fund
  • preparing and keeping proper records, including financial statements, tax returns, audits, actuarial certificates (where applicable) and minutes of trustee meetings and decisions
  • not lending money or providing financial assistance to members using fund assets
  • not borrowing money except in limited circumstances, such as to purchase investments using a 'limited recourse borrowing arrangement'
  • not allowing In-house assets to exceed 5% of the total fund assets, and
  • not releasing money to a member unless they have met one of the relevant 'conditions of release'.

You should consider seeking professional advice or guidance when deciding on the best superannuation solution for you. It is recommended that you also seek advice from a registered tax agent to determine the tax implications for you. NAB is not a registered tax agent and the tax information contained on this website should not be relied upon to determine your personal tax obligations.

Tailored solutions Setting up your SMSF

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