As a trustee you must manage your fund in accordance with the Superannuation Industry (Supervision) Act 1993 (SISA) and your fund’s trust deed. Super laws require you to:

• manage the fund honestly and with skills and diligence
  • act honestly in all matters concerning your fund
  • act in the best financial interest of all members
  • not hinder any trustee from performing or exercising functions or powers
  • not access or allow others to access benefits early
  • retain control over your fund
• accept contributions and rollovers
• manage your fund’s investments
• pay super benefits, and
• meet all reporting and administration obligations.

If you do not act accordingly and comply with super and tax laws, then:

• other fund members may take legal action against you
• significant penalties and tax consequences may apply, and
• you may be disqualified as a trustee.