As part of the annual compliance audit, SMSF auditors must confirm that trustees have properly signed and stored their trustee declarations. This is crucial for maintaining compliance with superannuation regulations.

Trustee Declaration Compliance

As part of the annual compliance audit, SMSF auditors must confirm that trustees have properly signed and stored their trustee declarations. This applies to those who:

• became a trustee or director of a corporate trustee after 30 June 2007, or
• completed an education direction.

Record Retention Requirements

Trustees must retain declarations for as long as relevant to the fund or 10 years – whichever is longer. This ensures that compliance documentation is available for review during audits and regulatory inquiries.

Auditor Obligations

Auditors must:

• Sight signed trustee declarations and keep a copy in the audit file
• Obtain written confirmation from trustees about signing and storing

Best Practices

To ensure compliance and avoid potential penalties:

• Maintain organized records of all trustee declarations
• Establish a clear filing system for compliance documentation
• Regularly review and update trustee education records
• Work closely with your SMSF auditor to ensure all requirements are met