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Self Managed Super Funds

Self Managed Super Fund: Trustee Declaration

From 1 July 2007, all new trustees (and directors of corporate trustees) of an SMSF must sign a declaration, within 21 days of taking up their post, stating that they understand their duties as a trustee (or director of the corporate trustee).

The declaration, which is available from the Tax Office’s (ATO’s) website, must be retained by the fund’s trustees for as long as the person is a trustee (or director of the corporate trustee).  If this period is less than 10 years, it must be retained for at least 10 years.

Failure to sign and retain the declaration, or make it available when requested, may result in penalties being imposed.

Editor:  Note that it does not need to be lodged with the ATO.

The fund’s complying status may be removed if trustees fail to meet their obligations in relation to the declaration and there have been other serious breaches of the superannuation laws (which can result in the fund’s assets being taxed at 45%).

The ATO recommends that their publication "Self managed super fund – Key messages for trustees" be read with the declaration.
 

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The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.

Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.

 

Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.