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SMSF trustee (company) delegating specific trustee responsibilities via a General Power of Attorney

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Initiate Registered Tax Practitioner

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Can a general power of attorney granted by a trustee company enable the attorneys to sign the financial statements of the SMSF of which the company is the trustee of?

 

This is NOT a question about s17A requirements where an enduring powert of attorney is used.

 

We have an SMSF client where the trustee company has appointed two non-directors using a General (Company) Power of Attorney to assist with the operation of an SMSF.

 

Both the company constitution and the trust deed of the SMSF allow trustee powers / discretionary authorities to be delegated.  The General POA document has been prepared by a solicitor and there are limitations on the delegated powers, namely to include administrative items such as:

  • Signing of financial statements and minutes;
  • Approval and signing of electronic lodgement declarations for SMSF annual returns, activity statements and other ATO reports;
  • Signing data feed authorities etc.

The members / directors of corporate trustee are not overseas (no residency issues) and there are no capacity issues.  Any member related documents including pension documentation or BDBNs are signed as normal in their personal capacity as members. 

 

They are still engaged in the investment management of the SMSF, however have chosen to delegate the daily administrative aspects via the company power of attorney. They're using an SMSF for investment flexibility and cost savings.

 

So the question is: Can a general power of attorney granted by a trustee company enable the attorneys to sign the financial statements of the SMSF of which the company is the trustee of?

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Community Support

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Hi @SF_Partners,

 

Thanks for your patience whilst we looked in to your query further for you.

 

As we can provide general information here about tax and super topics, your query is more complex and the query you've raised requires a consideration of superannuation law, Corporation law and state laws on trusts.


Our specialist area sugget if you'd like to receive a tailored resposne to write to us to request SMSF specific advice.

 

Thanks, JoideH

1 REPLY 1
Highlighted

Best answer

Community Support

Replies 0

Hi @SF_Partners,

 

Thanks for your patience whilst we looked in to your query further for you.

 

As we can provide general information here about tax and super topics, your query is more complex and the query you've raised requires a consideration of superannuation law, Corporation law and state laws on trusts.


Our specialist area sugget if you'd like to receive a tailored resposne to write to us to request SMSF specific advice.

 

Thanks, JoideH