Running a SMSF
It is important for a trustee to understand his duties, responsibilities and obligations.
You are the trustee of a self managed super fund, SMSF and therefore ultimately it is your responsibility to run your fund.
You as a trustee of a self managed super fund should comprehend and adhere to:
The sections of the trust deed of your fund
Specifications of the SIS Act and the SIS system
Corporations Act 2001 intended for directors of a corporate trustee and other common regulations like those declared under tax and trust law.
Every trustee or director of the corporate trustee appointed after 30 June 2007 should sign a trustee statement.
The trustee statement intends to make sure that new trustees, or directors of corporate trustees, recognize their responsibilities as a trustee.
Considerable penalties are incurred on trustees who do not succeed in carrying out their tasks.
In spite of all the advantages of setting up an SMSF, it is not the right choice for everyone. If the amount in your super fund is less than $200,000, then possibly the administrative charges will make the project too expensive. On top of establishment cost, it can be presumed that you will pay about $1000 to $1500 yearly to supervise your fund.
Other than the expenses, you must have the competence and time required to handle your super fund.
