What Are Trustee Responsibilities?
A key responsibility of SMSF trustees is tending to the administrative duties for the fund. The duties are quite broad – extending from managing the investments to liaising with your fund’s auditor. Refer to the diagram below for a summary of the different kinds of administration activities associated with operating an SMSF:
The exact number and type of administrative tasks required to be completed will depend on your SMSF’s specific circumstances. However, certain administrative tasks must be completed by every SMSF fund, year in year out. The ongoing responsibilities and administrative tasks for SMSF trustees can be broadly summarised as:
- Abiding by your trustee responsibilities– ensuring that you are aware of your obligations as trustee and abide by the rules at all times.
- Managing your SMSF investments– selection and the ongoing management of your SMSF investments in line with your investment objectives and investment strategy. This includes regular review of your investment strategy, and member insurance requirements.
- Accounting for fund inflows– accounting for all inflows correctly and checking that contributions received by your SMSF comply with the law.
- Benefit payments– check that superannuation benefits are paid in accordance with the law and managing pension payment obligations.
- Paperwork– managing the day to day activities of your SMSF, staying on top of your record keeping responsibilities, and complying with your ATO obligations.
- Planning– putting in place plans to minimise the impact of unexpected events and circumstances.