The Trustees control the SMSF and make all the investment decisions for the SMSF. When you establish an SMSF, you have a choice of whether to appoint Individual Trustees or a Company Trustee to act for your SMSF. Each option is detailed below. It is important to understand that SMSF Trustees do not own the Fund Assets, but are simply responsible for administering the SMSF which includes:
Maintaining all records of the SMSF (noting that ESUPERFUND maintains most records electronically)
Establishing an SMSF Investment Strategy (noting a Standard Strategy is provided by ESUPERFUND)
Complying with all regulations under Superannuation Laws (detailed in our Learn Section)
Lodging Tax and Regulatory Returns (attended to by ESUPERFUND)
Further details about the roles and responsibilities of Trustees can be found in the ATO publication "Role and Responsibilities of Trustees".