As previously stated, all members of an SMSF must also be trustees of the fund (or directors, if a corporate trustee is used).
The trustee of the fund is required to ensure the fund complies with the law at all times, and it is therefore important that trustees of SMSFs understand their obligations and seek professional help if necessary.
If the SMSF is not administered properly there can be severe penalties, like excess tax rates, personal fines and/or criminal sanctions (including imprisonment). A range of fines and penalties can be applied personally to you as trustee.
SMSFs have become popular due to the flexibility and control available to members. It is a complex area and so it’s advisable to know all the ins and outs before proceeding as the fund is your responsibility.
Please refer to the Self-managed superannuation fund module to learn more about running your own fund.
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