What are Trustees Administrative Obligations?
Trustees are responsible for: • Annual Income Tax Returns & Other Lodgement Requirements • Prepare and implement an Investment Strategy for the management of investments • Superannuation Surcharge. All SMSFs are required to report member contributions information to the ATO • Reasonable Benefit Limits (RBL). All SMSFs are required to report payments of benefits made to members to the ATO • Annual Audit. All SMSFs are required to have the financial accounts and statements of the fund audited each year by an approved auditor. Auditors must provide a certificate to the trustees stating that the fund has been audited • Supervisory Levy.
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