Apart from restrictions and management of the fund investments, what are some other responsibilities of the SMSF trustees?
• Paying members’ benefits. • Record keeping of membership details (and retention of all records for a minimum of 10 years). • Annual tax returns to the ATO (and retention of all tax information for a minimum of 10 years. • Changes of membership in the fund, or trustee details changes, need to be reflected in the minutes of the fund and the ATO needs to be notified. • Payment of the annual Superannuation Supervisory Levy.
Related Questions
- Does this mean that equity investments from the social business fund will not cover its management costs and end up slowly depleting its funds?
- Apart from restrictions and management of the fund investments, what are some other responsibilities of the SMSF trustees?
- What are the trustee’s responsibilities when managing the fund’s investments?
