Document ID: chunk:federal_register_of_legislation:C2016C00475:clause:3_104a
Version: federal_register_of_legislation:C2016C00475
Segment Type: clause
Provision Reference: sch 3 cl 104A
Character Range: 152426–154253

104A  Trustees etc. of self managed superannuation fund—recognition of obligations and responsibilities
 (1) This section applies to a person if:
 (a) he or she becomes, after 30 June 2007:
 (i) the trustee of a self managed superannuation fund; or
 (ii) a director of a body corporate that is the trustee of a self managed superannuation fund; or
 (b) he or she is a trustee of such a fund or a director of such a body corporate, and another person becomes, after 30 June 2007, a trustee of the fund or a director of the body corporate.
 (2) The person must:
 (a) if paragraph (1)(a) applies—sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), no later than 21 days after becoming such a trustee or director; and
 (b) if paragraph (1)(b) applies—ensure that the other person signs a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), within 21 days after becoming such a trustee or director; and
 (c) ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years; and
 (d) make the declaration available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.
 (3) A person is guilty of an offence if the person contravenes subsection (2). This is an offence of strict liability.
Maximum penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability, see section 6.1 of the Criminal Code.

Superannuation (Self Managed Superannuation Funds) Taxation Act 1987