What is an ATO trustee declaration?

The Trustee declaration is signed by trustees and directors of a corporate trustee of a self-managed superannuation fund (SMSF) to declare they understand their obligations and responsibilities.

When did ATO trustee declarations start?

Since 1 July 2007 superannuation law has required that each person becoming a trustee, or each director of a company which acts as trustee, of a self managed superannuation fund; sign an ATO approved form – the ATO Trustee Declaration.

How long must the ATO trustees declaration be kept by the fund?

10 years
You must keep your completed declaration for at least 10 years and make it available to us if we request it.

Who can witness a trustee declaration?

Each declaration must be witnessed by a person over the age of 18. In addition, any legal representatives appointed to act as a trustee or director on behalf of a fund member should also sign a trustee declaration.

Is a trust a legal entity in Australia?

Trusts are widely used for investment and business purposes. A trust is an obligation imposed on a person or other entity to hold property for the benefit of beneficiaries. While in legal terms a trust is a relationship not a legal entity, trusts are treated as taxpayer entities for the purposes of tax administration.

How do I add someone to SMSF?

Trustees can add a new Member to their SMSF by following these steps:

  1. Minute the Trustees’ decision to add the member.
  2. The new Member must sign a Membership application and Consent to Act as Trustee.
  3. The new Member must sign a Trustee declaration.
  4. Notify the ATO about your decision to add a new Member.

What is a declaration of trust on a property?

A Declaration of Trust is a legal document confirming the terms on which an asset, such as a property, is held on trust. The document usually records the portion of the ownership of the property, as well as other terms agreed by the parties.

How long must Smsf records be kept?

five years
In simple terms, as trustee of your SMSF, you need to keep records that allow preparation of financial statements and annual tax and compliance returns. This information needs to be kept for at least five years after the end of the financial year, even after your SMSF has been wound up.

What should a declaration of trust include?

What can a declaration of trust include?

  • How much each person contributes to the deposit, and how much will be repaid to them.
  • What percentage of the property each person will own, and how the money will be split if the property is sold.

Who makes the declaration of trust?

A declaration of trust is a formal statement that assets, including Old System land and Torrens Title land, are held by one party on behalf of, i.e. in trust for, another. A declaration of trust does not usually set up the trust but merely declares that the property acquired by the trustee is held pursuant to a trust.