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 relating to 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 examples 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 have reviewed the fund’s existing investment strategy and consider it still appropriate for the needs of the fund members.
- The trustees of XYZ superannuation fund resolve to maintain the fund’s current investment strategy.
Or as complex as a resolution to segregate fund assets to start a pension for one member while another remains in accumulation phase. For example:
- The trustees of ABC superannuation fund resolve to segregate the fund’s assets into two pools. One pool will support member A’s pension, and the other will support member B’s accumulation interest.
- Asset X will be held solely to support member B’s accumulation interest.
- Asset Y will be held solely to support member A’s pension.
Issues you need to minute and record include:
- The establishment of the fund
- The addition (or removal) of a member
- The commencement of a pension
- The initial agreement on the fund’s investment strategy and any changes to it
- Approval of the annual financial statement.
All major fund decisions should be documented in trustee minutes. These could include the appointment of the fund’s auditor or, in some cases, depending on the fund’s governing rules, the engagement with the fund’s accountant.
Any changes to the trust deed must also be minuted.
SMSF trustee minutes need to be properly executed (signed and dated). If there is a corporate trustee of the SMSF, then they would in most cases need to be signed by the sole director or by at least two directors where there are multiple directors. Where the SMSF has individual trustees, then they should be signed by at least two trustees.
It is also important that SMSF trustee minutes are signed and dated in accordance with the fund’s trust deed and, for a corporate trustee, the company’s execution requirements. So, you should check the governing rules of your own fund or obtain professional advice.
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Find out moreWhat should a minute look like?
Even if you are the sole director of your SMSF’s corporate trustee, you still need to keep records of decisions affecting the fund. So, what should a minute look like, and is there a standard template?
The Superannuation Industry (Supervision) Act 1993 does not prescribe a standard format for minutes. Section 103 instead specifies which meeting minutes and decision records must be kept and requires them to be retained for at least 10 years.
Duty to keep minutes and records:
(1) If a superannuation entity has a group of individual trustees, the trustees must keep, and retain for at least 10 years, minutes of all meetings of the trustees at which matters affecting the entity were considered.
(2) If there is only one trustee of a superannuation entity:
(a) if the trustee is a corporate trustee – the directors of the trustee must keep, and retain for at least 10 years, minutes of all meetings of the directors at which matters affecting the entity were considered; or
(b) if the trustee is an individual – the trustee must keep, and retain for at least 10 years, a record of all decisions made by the trustee in respect of matters affecting the entity.
(2A) The trustee or trustees must also retain for at least 10 years an election, or a copy of an election, under section 71E.
Source: Superannuation Industry (Supervision) Act 1993 – Section 103
Let’s look at an example. Below is a minute for an investment change within an SMSF.
Meeting of XYZ self-managed superannuation fund
Date: 25 September 2026
Venue: 1 High St, Anytown, NSW 2345
Attendees: A Smith, B Smith, and C Smith
Agenda: Change to investment strategy
- It was noted that the trustees were considering acquiring new investments in international shares by investing in the following investments:
- International ETF A
- International ETF B
- Global fund C
- It was noted that the proposed investment would be for approximately 5% of the fund’s total asset base.
- It was also noted that the investment adhered to the fund’s investment strategy allocation guidelines and return expectations.
- It was noted that the acquisition would be funded from the fund’s current cash allocation and that the resulting investment strategy allocations would be as follows:
- Australian equity: 40%
- International equity: 20% (up from 15% but still within the 10–20% guidelines)
- Fixed income: 10%
- International fixed income: 5%
- Property: 15%
- Cash: 10% (reduced from 15%)
- It was unanimously resolved that the fund would acquire investments in the three international equity funds.
Signed by
____________________
Trustee A
____________________
Trustee B
____________________
Trustee C
Date: ____________________
A minute does not need to be complicated or lengthy. It should identify the matter considered, record the trustees’ decision or resolution and, where relevant, briefly explain the reasons for it.
SMSF records must generally be kept in English or in a form that can be readily converted into English. Electronic records must be accessible and capable of being retrieved. Minutes of trustee and corporate-trustee director meetings, together with records of decisions by a sole individual trustee, must be retained for at least 10 years. Other SMSF records may have different minimum retention periods.
Minutes for some actions, such as starting a pension, will be more complex. The process may also require supporting documents, such as a pension agreement and, where applicable, a product disclosure statement. The minutes should identify the documents considered or approved.
It’s also important to refer to a fund’s trust deed when starting a pension.
Here is a minute for a two-member fund where one member (G Apple) is now joining the other in retirement and will receive a pension from the fund.
Meeting of Apple SMSF
Date: 2 October 2026
Venue: 15 Oxford St
Attendees: E Apple, G Apple
Agenda: G Apple to transfer from accumulation to retirement phase
- It is noted that as G Apple intends to start a pension, and in accordance with Apple SMSF’s trust deed, G Apple has signed a pension agreement, which will be annexed to the fund’s trust deed.
- It is noted that the balance of G Apple’s accumulation interest to be transferred into the retirement phase to support a pension does not exceed G Apple’s personal transfer balance cap.
- It is also noted that the investment strategy of the fund has been reviewed and updated.
- It is noted that, because of the change in investment strategy, investments x, y and z will be sold and the proceeds used to buy investments in a, b, and c.
- It is noted that Apple SMSF will start paying a pension of $800 per fortnight to G on 10 October 2026 to be paid for the remainder of the financial year.
- It is noted that a transfer balance account report (TBAR) will need to be lodged with the Australian Taxation Office within the required timeframe.
- It was unanimously resolved that investments x, y and z will be sold and the proceeds will be used to buy investments in a, b, and c.
- It was unanimously resolved that, in accordance with Apple SMSF’s trust deed and annexed pension agreement, Apple SMSF will pay G Apple a pension of $800 a fortnight from 10 October 2026 for the remainder of the financial year.
Signed by
____________________
Trustee A
____________________
Trustee B
Date: ____________________
The bottom line
Minutes provide important evidence that trustees have considered and documented matters affecting the fund. Keep a record even when a discussion with your spouse or fellow SMSF member is informal, and include enough information to explain what was decided and why.
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