Since 30 June 2007 it has been a requirement for new trustees of SMSFs, or directors of the corporate trustee of a SMSF, to sign the Trustee Declaration. The trustee declaration summarises many of the duties and restrictions of a SMSF trustee and should be read carefully and understood, along with the ATOs ‘Self-managed super funds – key messages for trustees‘.
s104A of the Superannuation Industry (Supervision) Act 1993 requires that if a person becomes a trustee of an SMSF, or the director of a corporate trustee of an SMSF, they must:
- Sign the Trustee Declaration within 21 days of becoming a trustee/director
- Ensure the Declaration is kept for at least 10 years
- Present the Declaration to the Regulator if requested