Now, women will be able itself to children, feed, take care of pressing. With regard to food, the first day after cesarean section, you are allowed to drink mineral water without gas. 2-3 days meals are expanding - boiled beef, you can eat low-fat soup. Except for those products that are not recommended during breast-feeding, as much as possible meal, the third day. Because you do not take the antibiotic of mothers and children and women\'s conditions, with find out here wellbutrin sr now respect to, except for the instruction, breast-feeding can be selected on the third day after surgery. Usually, the fifth day after the surgery was performed matki.1 ultrasound) initial connection of 3 to 10 days, the dose and the egg yolk with tofu ((4.1 parts) is baby 5 months of life of 5.3 g / kg body weight) you can give in. specially designed for baby food, please use the cheese. card, it gives the baby of breast-feeding.

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Bill Savellis

SMSF Trustee Roles and Responsibilities

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in Self Managed Superannuation Fund
03 Feb 13  |  0 Comments

SMSF Trustee roles and responsibilitiesThe continued solid growth of self-managed superannuation funds (SMSFs) within Australia has be

en nothing short of phenomenal.  The most recent figures released by the Australian Taxation Office (ATO) show that 35,276 self-managed supe

rannuation funds were created in 2011/12 – the highest recorded figure since these reports began in 2008.

Whilst the ability to take control of your retirement funds has been the driving factor in the growth of SMSFs – this control also leads to significantly greater responsibilities as a Trustee of your own superannuation fund.

Regardless of whether you have outsourced aspects of the administration to your accountant, financial advisor or solicitor, the ultimate responsibility of your self-managed super fund rests with the Trustees. Not fulfilling your role as a Trustee could lead to serious consequences if you breach the rules governing superannuation funds. Therefore, it is important that you fully understand your role and responsibility as a Trustee.

Being a trustee of an SMSF brings with it a range of legislative and regulatory obligations. An SMSF trustee must comply with the requirements of:

  • The Superannuation Industry (Supervision) Act 1993 (the SIS Act)
  • All the clauses of the superannuation fund trust deed
  • The Corporations Act 2001
  • Other rules, such as those imposed under tax and trust law.

Effective from 1 July 2007, all new SMSF trustees and directors of corporate trustees must sign a declaration that aims to ensure that they understand the obligations and responsibilities they are accepting.

The declaration contains key information regarding:

Sole Purpose Test

The Sole Purpose Test refers to the Trustees’ responsibility to ensure the superannuation fund is ONLY maintained for the purpose of providing benefits to the members upon their retirement (or their beneficiaries if a member dies).

General Trustee Duties

As a Trustee you are legally obliged to follow a code of conduct when managing an SMSF. The code of conduct can be summarised as follows:

  • Trustees must act honestly in all matters concerning the fund.
  • Trustees must exercise skill, care and diligence in managing the fund.
  • Trustees must act in the best interests of all the members of the fund.

Trustees are also required to ensure the beneficiaries of the superannuation fund comply with all the rules and regulations relating to SMSFs.

  • Trustees must ensure that members only access their super benefits if they have met a legitimate condition of release.
  • Trustees must refrain from entering into transactions that circumvent restrictions on the payment of benefits.

Trustees have the additional responsibility of protecting the assets of an SMSF. This can be achieved by:

  • Ensuring personal (non-super) money and other assets are kept separate from the money and other assets of the super fund
  • Taking appropriate action to protect the fund’s assets (for example, having sufficient evidence of the ownership of fund assets).

Furthermore, Trustees need to demonstrate that they are in a position to properly execute the role of Trustee and manage the assets in the SMSF by:

  • Refraining from entering into any contract or doing anything that would prevent them from, or hinder them in, properly performing or exercising the functions or powers as a trustee or director of the corporate trustee of the fund
  • Allowing all members of the fund to have access to information and documents as required, including details about:

– The financial situation of the fund

– The investments of the fund

– The members’ benefit entitlements.

Finally, Trustees are required to ensure they manage the investment strategy within the SMSF. This can be achieved by:

  • Demonstrating they have prepared, implemented and regularly reviewed an investment strategy having regard for the risks and likely returns, liquidity and diversification of the investments
  • Deciding whether the trustees of the fund should hold insurance cover for one or more members of the fund.

Investment restrictions

Trustees are also limited to the investments they are permitted to make with superannuation monies. These include:

  • Lending money or providing financial assistance to a member of the fund or a member’s relative
  • Buying assets with superannuation funds (other than approved assets) from members or related parties of the fund
  • Borrowing money (or maintaining an existing borrowing) on behalf of the fund, except in certain limited circumstances
    • Having more than 5% of the market value of the fund’s total assets at the end of the income year as in-house assets
    • Entering into investments on behalf of the fund that are not made or maintained on an arm’s length (commercial) basis (this ensures the purchase or sale price of the fund’s assets and any earnings from those assets reflects their market value).

Accepting contributions and paying benefits

Trustees are responsible for controlling the contributions received and the benefits paid to members or their beneficiaries. It is the Trustee’s responsibility to ensure when the conditions specified in the law and the fund trust deed have been met.

Administration

Finally, Trustees (under super and tax laws) are required to keep accurate records. These records include:

  • minutes of all trustee meetings at which matters affecting the fund were considered (this includes investment decisions and decisions to appoint members and trustees)
  • records of all changes of trustees, including directors of the corporate trustee
  • an annual statement of the financial position of the fund
  • copies of all annual returns lodged.

Trustees are also responsible for ensuring the following functions are performed each year:

  • Lodge the fund’s annual return, completed in its entirety, by the due date
  • Appoint an approved auditor to audit the fund for each income year, and provide that auditor with documents as requested.

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