SMSF Responsibilities

When establishing and maintaining an SMSF the broad range of responsibilities include:

• appointing trustees;
• lodging appropriate documents with the Tax Office;
• arranging and executing an appropriate trust deed for the fund; 
• setting an investment strategy for the fund;
• organising the investing of fund assets; 
• maintaining proper records for the fund;
• preparing annual accounts;
• having the accounts audited;
• submitting annual returns to the ATO; and 
• ensuring that the fund at all times complies with all relevant legislation.

If you are thinking of establishing an SMSF, or you already have one, it is important to keep up to date with changes in legislation and operating requirements as they can change regularly.

An adviser can provide you with more information and support you with the ongoing administration.