SMSF Trustee Responsibilities: What You Need to Know to Stay Compliant
- Future Accounting
- Aug 5
- 3 min read
Updated: Aug 12
Find out how to stay compliant and in control - understand the key SMSF trustee responsibilities
Managing a Self-Managed Super Fund (SMSF) gives you more control over your retirement savings - but with that control comes serious responsibility. If you're a trustee (or considering becoming one), understanding your SMSF trustee responsibilities is essential for staying compliant, protecting your fund, and ensuring your retirement strategy works for you.
This guide will walk you through the key responsibilities of SMSF trustees, explain why compliance matters, and show you how expert support can make managing your SMSF much easier.
Trustee vs member: What’s the difference?
An SMSF can have up to six members, and each member must also be a trustee (or a director of the corporate trustee). This means trustees and members are usually the same people.
However, their roles are distinct:
Members are individuals who hold a retirement interest (super) in the fund.
Trustees (or directors of a corporate trustee) are responsible for managing the fund in line with superannuation laws.
In short: members benefit from the fund, while trustees ensure it’s run correctly.
Key SMSF trustee responsibilities
Being a trustee isn’t just a title - it’s a legal obligation. Here’s what you need to do:
1. Act in the best interests of all members
As a trustee, you must always manage the fund honestly and in the best financial interests of all members - not just yourself. Every decision you make should support the fund’s purpose: building retirement savings.
2. Follow superannuation laws
SMSFs must operate within the rules of the Superannuation Industry (Supervision) Act. Breaching these laws can lead to heavy penalties, loss of tax concessions, or even disqualification as a trustee.
3. Have a written investment strategy
Trustees must create and maintain a written investment strategy tailored to the fund's goals and the members' needs. This strategy should be reviewed regularly and updated when circumstances change.
4. Keep assets and records separate
SMSF assets must be clearly separated from personal and business finances. In addition, trustees must maintain accurate and up-to-date records for audits and compliance purposes.
5. Lodge annual returns and organise independent audits
Each year, trustees must ensure that the SMSF’s annual return is lodged with the ATO and that the fund undergoes an independent audit. These are non-negotiable obligations for maintaining your SMSF’s compliance.
Understanding the sole purpose test
Why does your SMSF exist? All super funds, including SMSFs, receive concessional tax rates because they are designed to help you save for retirement or support your family if you die.
This is known as the “sole purpose test” - ensuring your SMSF is managed solely to provide retirement benefits (or death benefits to dependants), not for personal or immediate financial gain outside of superannuation purposes.
Why getting expert SMSF support matters
Being an SMSF trustee is an ongoing commitment - and non-compliance can be costly. The good news? You don’t have to do it alone.
At Future Accounting, we help trustees navigate their SMSF trustee responsibilities with confidence. Our team provides:
Compliance reviews to keep your fund on track
Preparation of financial statements and tax returns
Assistance with annual independent audits
Collaboration with advisers to guide your investment and insurance decisions
With us by your side, managing your SMSF becomes simple, stress-free, and effective.
Ready to simplify your SMSF?
At Future Accounting, we take the complexity out of being an SMSF trustee so you can focus on what matters most - building your retirement future.
Book an appointment with us today and let’s make sure your SMSF is compliant, well-managed, and working for you.
