02 9683 5999If you are a trustee of a Self-Managed Superannuation Fund (SMSF) you are required by law to keep any cash or other assets held in the fund separate from any assets held by you personally or any other business associates including companies, trusts or partnerships.
All assets which are held by the fund must be clearly documented and protected for SMSF use only. The SMSF must maintain its own separate bank account and all assets must be held in the name of the trustees usually with the following title ‘the individuals/company as trustees for the SMSF’. In some situations it not possible for the trustees to show the ownership of an asset as belonging to the fund eg. land titles and in that situation a caveat or other such document should be executed to show the asset is held in trust for the SMSF.
Every SMSF is required to be audited annually and the auditor is required to ensure all ownership of assets in the SMSF are correctly documented.
