104ATrustees etc. of self managed superannuation fund—recognition of obligations and responsibilities

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; or (c) he or she is a trustee of such a fund or a director of such a body corporate and undertakes a course of education in compliance with an education direction. (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 (ba) if paragraph (1)(c) 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 (as appropriate), no later than 21 days after completing the course of education; 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.

Note: Section 166 imposes an administrative penalty for a contravention of subsection (2).

(3) A person commits an offence if the person contravenes subsection (2). This is an offence of strict liability.

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.