SUPERCentral is Australia's leading online SMSF Services provider to Accountants, Financial Advisers and SMSF Administrators.
New ATO Trustee Declaration Form Released
20/04/2009
The ATO has updated the Trustee Declaration Form and released a new version.
The current version (February 2009) replaces (June 2007).
The material change to the form has been in the text relating to investment restrictions. The relevant text reads:
‘I understand that, as a trustee or director of the corporate trustee of the fund, subject to certain limited exceptions specified in the law, I am prohibited from the following:
- borrowing money (or maintaining an existing borrowing of money) on behalf of the fund except in certain limited recourse borrowing arrangements’
The change has been made in light of the amendments made in September 2007 to the SIS Act, which now permits trustees of regulated superannuation funds to borrow, subject to certain requirements being satisfied, including the requirement that borrowing be on a limited recourse basis.
The new version of the ATO form is available in the SUPERCentral Toolkit.
