Remuneration of trustees

Section 17B of the Superannuation Industry (Supervision) Act 1993 defines the circumstances under which the trustees can be remunerated for their services

Remuneration for any duties or services performed by a trustee/director of a body corporate of a fund can be paid, only if:

  1. the trustee/director performs the duties or services other than in the capacity of trustee/director; and
  2. the trustee/director is appropriately qualified, and holds all necessary licences, to perform the duties or services; and
  3. the trustee/director performs the duties or services in the ordinary course of a business, carried on by the trustee/director, of performing similar duties or services for the public; and
  4. the remuneration is no more favourable to the trustee/director than that which it is reasonable to expect would apply if the trustee/director were dealing with the relevant other party at arm’s length in the same circumstances.

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DISCLAIMER: This information is an interpretation of rules, regulations and standards. It should not be considered as general or specific advice and neither purports, nor is intended to be advice on any particular matter. No responsibility can be accepted for those who act on the contents of this publication without first obtaining specific advice. Liability limited by a scheme approved under Professional Standards Legislation.