As a trustee it will be your responsibility to ensure that your SMSF complies with all laws.
This includes the duty to:
- act in the best financial interests of all fund members when you make decisions
- manage the fund separately from your own affairs
- ensure the fund meets the sole purpose test
- ensure the money in the fund is only accessed where the law allows it
- know, understand and complete your responsibilities and obligations
- ensure your SMSF has prepared financial statements which are audited every year
- lodge your annual SMSF income tax return and pay the annual supervisory levy.
All trustees are equally responsible for managing the fund and making decisions even if you are not actively involved in day-to-day decision-making.
Trustees can employ the services of professionals to help them, but the full responsibility for decisions and management of the fund remains with each Trustee.