One of the responsibilities of being a trustee for a self-managed super fund (SMSF) is taking and keeping trustee minutes that record all major decisions made by the fund.
It sounds easy enough, but if you have never taken minutes in a meeting you may be unsure about what needs to be minuted and what a minute should look like.
In this article we look at the main kinds of minutes and resolutions. We’ll also provide some minute templates that might be helpful for your SMSF.
Minutes and resolutions
Like most minutes at any kind of meeting, an SMSF minute is a record of a decision made, or matter reviewed.
A minute will most likely include a resolution, which could be as simple as:
The trustees of XYZ superannuation fund resolve to maintain their current investment strategy.
Or as complex as a resolution segregating assets to start a pension for one member while another remains in accumulation phase. For example:
The two trustees of ABC superannuation fund resolve to split their fund’s assets into two pools. One pool will support Trustee A’s pension and the other pool will be Trustee B’s accumulation fund.
Asset X will be sold to Trustee A from Trustee B.
Asset Y will be sold and the proceeds will be invested in liquid Australian equities to support Trustee A’s pension.
Issues you need to minute and record include major decisions by the fund, such as:
- The establishment of the fund
- The addition (or loss) of a member
- Starting a pension
- The initial agreement on the fund’s investment strategy and any changes to it
- Approval of the annual financial statement.
Tasks such as appointing an auditor and an accountant also need a resolution from the fund and a minute recording that resolution.
Any changes to the trust deed must also be minuted. Changes could include allowing your SMSF to buy property or operate a pension for a member.
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