Trustee declaration
All individuals becoming an individual trustee or director of a corporate trustee from 1 July 2007 onwards must complete a Trustee Declaration in the approved form within 21 days of their appointment [ SIS s.104A , NAT 71089 ]. The declaration lists key matters that trustees must understand in order to effectively manage their SMSF.
All individuals becoming an individual trustee or director of a corporate trustee from 1 July 2007 onwards must complete a Trustee Declaration in the approved form within 21 days of their appointment [SIS s.104A, NAT 71089]. The declaration lists key matters that trustees must understand in order to effectively manage their SMSF.
Example
Archie and his wife Gertrude were appointed individual trustees of their SMSF when the fund was established in 1999. To date, they have not needed to complete a Trustee Declaration because they became trustees prior to 1 July 2007 when the Trustee Declaration rules were introduced.
However, in August 2025, Archie and Gertrude resigned as individual trustees of the SMSF and a corporate trustee was appointed instead. Archie and Gertrude were appointed as directors of the corporate trustee. Archie and Gertrude needed to complete a Trustee Declaration within 21 days of their appointment as directors of the corporate trustee.
This declaration isn’t required to be lodged with the ATO but will need to be sighted by the SMSF’s auditor and should be retained on the SMSF’s file whilst the individual remains a trustee/director or for ten years (whichever is longer) [SIS s.104A]. The declaration must be made available for inspection by the Regulator if requested.