Trustee responsibilities

What trustees are responsible for

The ATO summarises obligations including acting honestly, exercising care and skill, keeping records, separating fund assets from personal assets, and lodging the SMSF annual return on time. Breaches can lead to penalties or fund non-compliance; your auditor reports certain events to the ATO.

Documents and records you should maintain

• Trust deed updates and minutes for key decisions.
• A current written investment strategy reviewed as circumstances change.
• Bank, investment, and insurance records; evidence supporting valuations where required.
• Rollover and contribution documentation; pension documentation if in retirement phase.

Audit and annual return

Each year the fund needs an independent approved SMSF auditor before you lodge the SMSF annual return. The audit is not optional - even if no tax is payable. See our annual compliance cycle guide for how the pieces connect.

Where to read more

• ATO: SMSF trustee obligations
• ATO: SMSF audit requirements
• ASIC: SMSF trustee obligations (corporate trustees)