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Trustee Requirements

The trustee requirements for a SMSF are different depending upon whether the fund has one or more members.
One Member:

  • A company with the member acting as the sole director; or
  • A company with two directors, one being the member and the other being a relative or non employee of the member; or
  • Two individual trustees, one being the member and the other being a relative or non employee of the member.

Two to Four Members:

  • A company with all members as directors and all directors as members; or
  • All members acting individually as trustees of the fund.
  • Importantly, every trustee must ensure the fund is managed for the sole purpose of providing retirement benefits to members and is fully responsible for the fund's compliance with the SIS Act, even when advice is obtained from an accountant, financial planner or tax agent.
  • In addition, generally, no member of a SMSF can be an employee of another member unless they are related.

To find out more about running a self-managed super fund, follow this link to the ATO’s booklet, Running a self-managed super fund

Avery Gibson Financial Services Pty Ltd (ABN: 45 119 229 980) is a corporate authorised representative of Plan 2 Pty Ltd (ABN: 60 010 875 073), an Australian Financial Services Licensee. (Licence No. 237874)