In This Chapter
Understanding the trustee declaration that you sign
Taking notice of your trustee duties and responsibilities
Sticking to the sole purpose of paying retirement benefits to members
Highlighting three more important challenges before signing the declaration
Risking punishment if you turn your back on your trustee declaration
Y our role as a self-managed super fund (SMSF) trustee isn’t a dress rehearsal: You must take it seriously from day one. Some DIY super spruikers claim running your own fund is as simple as purchasing a DIY super fund kit, buying a few shares and enjoying the tax benefits of super. Committing to a SMSF, however, can be considered nearly as significant as getting married, but usually not as expensive.
If you’re willing to put in the time to understand the rules, the prospect of complying with the superannuation laws shouldn’t deter you from setting up your own fund. If you do find the compliance ...