Self Managed Super Funds are regarded as one of the most useful and fruitful investments done by people with more than half a lifetime of experience. But still there are certain role and responsibilities any and every SMSF trustee needs to know and comply with. These are documented with our years of experience with SMSF management and auditing.

While we can process a fund in a week and give you guidelines that help you invest better – these actionable ideas become decisions only when the SMSF trustee, pulls the trigger.

Let us learn about 6 SMSF trustee roles and responsibilities:

1.  Running the Fund
While many investors jump in with the hopes of gaining a lot and investing a lot in their future, many beginner SMSF trustees make a lot of mistakes. Running the fund is your major role and responsibility. It should not just be taken for granted. Learn about the status of your fund every now and then, and see to it how much you can invest to make it run better.

2.  Facilitate its expenses
All SMSF trustees must pay for the SMSF audit that happens annually and thereby they get tax rebates from the ATO every year. Some SMSF trustees can also facilitate by learning about new investment rules and schemes from financial advisors and other experts.

3.  Control your SMSF
You are responsible for controlling your SMSF and make sure it remains profitable. Even in times of personal or financial crises in the future a wise investment from the past can help. Just learn to control your Self Managed Super Fund.

4.  Understand your SMSF
We know many of you are not from financial backgrounds and even if you are – you can only know everything if you are in the industry 24×7. So, just make sure you understand the setting up process, running and auditing process. Take help in the investment process from financial experts and in the rest of the processes just give them the right documents and listen and follow their instructions.

5.  Investing in your Fund
Besides running it for tax redemption and getting a better post retirement life in terms of financial independence, you need to keep investing in your fund, every year. Rules change but your role remains the same. Each year you learn and become a better SMSF investor.

6.  Grow your Fund
With property, rent, leases, investing in stocks and other diverse investments – you minimise the risks of losses on your investment. This makes your SMSF grow through the years and yield great returns. As a SMSF trustee that is your major role and responsibility.

Want to know more about SMSF? Contact our experts on 1300 707 326 or [email protected] today.