Q&AMP

What are my responsibilities if I have an SMSF?

Answer

Every member of an SMSF must either be a trustee of the fund, or a director of a company that is the trustee of the fund. Your responsibilities under either option are broadly the same and include:

  • managing and investing the fund’s assets in accordance with your fund’s investment strategy
  • complying with various superannuation and tax laws
  • acting in the best interests of fund members
  • keeping SMSF assets separate from the personal assets of the fund’s members
  • keeping all appropriate records for the fund, which includes creating and retaining official minutes (eg about trustee decisions)
  • arranging an annual independent audit of your fund
  • lodging an annual tax return, and
  • paying the annual supervisory levy to the ATO.

Being a trustee is an important responsibility. But, you can get help. AMP can help keep your fund on track and look after the paperwork including record-keeping, tax returns and the annual audit. We can also keep you up-to-date on any changes in superannuation laws.

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Important information

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.