In certain instances, the ATO will contact members / trustees of newly established SMSFs as part of the ABN registration process to verify that they are suitable to act as trustees of an SMSF.
This process can be quite intimidating for your clients.
We recommend you provide the following documentation and resources to your clients who are becoming new SMSF trustees:
- ATO Trustee Declaration (most questions they will ask will come from this document)
- ATO Booklet - Roles & Responsibilities of Trustees
- ATO Booklet - Running an SMSF
- A copy of their SMSF trust deed
- Provide them with this link to the ATO short animated video series: https://www.youtube.com/playlist?list=PL5-ESUNqws-MF2UvO7h2ZCUiuaXLzMmZ2
It is recommended all new trustees watch the following ATO educational videos as a minimum:
- SMSF Trustee Declaration
- What's involved in an SMSF
- SMSF sole purpose test
- SMSF loans and early access
In addition we recommend you take the time to explain to the trustees that although both you as the adviser and Superfund Wholesale as the administrators take care of a significant amount of the ongoing compliance obligations for the SMSF, ultimate responsibility rests with them as trustees.