When you set up an SMSF you become a trustee (or the director of a company that is a trustee).
What it means to be a trustee
A trustee is responsible for running the fund and acting in the best interests of the members. As a trustee you need to manage the fund and its investments separately from your own affairs.
How your SMSF is regulated
We administer the relevant super laws for SMSFs, work with you to help you meet your obligations and verify compliance, but we don’t provide financial or investment advice.
Laws, rules and consequences
You’re also responsible for running the fund according to its trust deed and the super laws. If you don’t, the tax concessions that normally apply to your super may be affected and you may face penalties. Your fund must be run for the sole purpose of providing retirement benefits for the members.
Steps to setting up an SMSF
Your SMSF needs to be set up correctly so that it’s eligible for tax concessions, can pay benefits and is as easy as possible to administer. Here are the steps to setting up your fund: