Penalties may apply if trustees do not meet their specific obligations under the super laws.

Trustees are also bound by the trust deed and are equally responsible if its rules are not followed. So it’s important all trustees understand their obligations and the contents of the deed.

Managing your own super is a major commitment. You need to be confident you have the knowledge, time, and skills to do it.

There are many responsibilities and getting it wrong can have financial impacts. Make sure an SMSF is your best option before you start.