The regulator says trustees and directors of corporate trustees must complete a separate trustee declaration within 21 days of starting their role as a trustee (or director of a corporate trustee) to declare they understand their obligations and responsibilities.
It continued that as a trustee, a member must keep the completed trustee declaration while they remain a trustee or for 10 years, whichever period is longer.
It added that before signing, members should ensure they understand their responsibilities as outlined in the declaration, and strongly recommended they undertake its free trustee education courses.
“It is trustee’s responsibility to make sure the fund is run for the sole purpose of managing superannuation for its members, including protecting super assets in the fund, making decisions in the interest of members, making sure all actions taken are allowed under super laws, and implementing and regularly reviewing your SMSF’s investment strategy,” the Tax Office said.
Trustees must be aware that there are investment restrictions when running an SMSF on top of the range of administrative responsibilities, such as keeping records for required time frames, appointing an SMSF auditor yearly, lodging returns and notifying the ATO of any changes to the fund.
The ATO also issued a reminder to SMSFs that a TBAR for the June quarter is due 28 July.
If an SMSF had transfer balance account events in the June quarter, trustees must lodge a TBAR by 28 July 2025.
All SMSFs must report relevant transfer balance account events using transfer balance account report, and all events must be reported regardless of the member’s total superannuation balance.
TBARs for the June quarter are due by 28 July. If no TBA event occurred during the quarter, no lodgment is required.
Trustees should refer to event-based reporting for SMSFs and TBAR instructions when preparing their TBAR.
If an SMSF does not lodge a TBAR by the due date, it may result in compliance action and penalties and could also negatively impact the member’s transfer balance account.
The easiest way to lodge is through online services for business. A tax agent can also lodge on the fund’s behalf.
