The Fund

An SMSF must have the following:

  • Up to four members;
  • All members are Trustees of the Fund or Directors of the Corporate Trustee;
  • No member is an employee of another member unless they are related;
  • Trustees and Directors are not paid;
  • Some people are disqualified from acting as Trustees; and
  • You need a complying Trust Deed to operate an SMSF. Wealthtrac can provide this deed.

The Trustee

The Trustee has sole responsibility for the operation, management and compliance of the Fund including lodging tax and other regulatory returns, and the preservation and payment of benefits. Trustees also must:

  • Act honestly;
  • Exercise the same degree of care, skill and diligence as an ordinary prudent person when dealing with the assets of another;
  • Ensure their powers and duties are exercised in the best interests of the Fund members;
  • Keep Fund assets separate from any other assets;
  • Retain control over the Fund;
  • Develop an investment strategy that meets prescribed standards; and
  • Provide members with certain information.

Your Financial Adviser or Accountant

Your financial adviser will help you manage your fund and advise on strategies to maximise your member benefits.

Auditor

SMSFs must have their financial statements and compliance requirements audited each year by an approved auditor. The Trustee may appoint the auditor or Wealthtrac can recommend one for you.

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