The Trustees need to sign off a Declaration within 21 days of SMSF setup. It highlights duties and responsibilities of the trustees expected by the ATO

Key Duties and responsibilities are to ensure

  • Sole Purpose of SMSF is to provide pension to its members when they retire.
  • Ensure Funds’ investments do not breach the rules
  • Ensure contributions accepted and benefits paid comply with Super Laws
  • Ensure records are maintained, returns are filed and ATO is informed of any changes ,on a timely manner

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