Question 9 – Have you completed your other obligations?

Topic Progress:

You also need to ensure that you do the following:

  • Investment strategy – an investment strategy is a plan for making, holding and realising fund assets that is consistent with your SMSF’s investment objectives. This plan or blueprint is not only required by the superannuation laws, but is also essential for guiding the fund to achieve a desired retirement savings outcome for the fund members. Refer here for more information about your investment strategy obligation.
  • Exit strategy – consider the succession steps you need to put in place if unexpected events, such as illness, unemployment or death of a member occur. Also, if one trustee will be more heavily involved than the other trustees in the day-to-day running of the fund, the less active trustee should consider what they will do in the event that the controlling trustee becomes unable to manage the SMSF.
  • Approved auditor – an approved auditor needs to be appointed to audit the fund each year to examine the financial statements for the fund and asses its compliance with the relevant provisions of the superannuation laws.

These obligations are discussed in more detail in the Administration of your SMSF module.