Hello Dawood

Thank you for your question.

In relation to section 104A(2)(c) of the Superannution Industry (Supervision) Act 1993 it appears that the requirement is simply that the trustee declaration is kept for at least 10 years.

An extract from the legislation is provided below:

(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) to (ba) omitted]

(c)  ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years

Moreover the trustee delcation itself, as per the snip below, states the following:

The concern I have is the use of the words "so long as it is relevant". It could be open to the Regulator, being the ATO, to argue that it is relevant to keep the declaration for so long as the person is a member of the fund!

Indeeed, this appears to be the view the ATO has taken, albeit in a factsheet on its website and not in a ruling with the force of law behind it, as per the snip below:

https://www.ato.gov.au/forms-and-instructions/trustee-declaration

Whilst not wanting to be accused of being overly conservative, the safest approach is to keep the delcaration for the life of the fund.

Am happy to the hear the views of fund auditors on this matter.