For your fund to be an SMSF it needs to meet several requirements under the super laws. The requirements are different depending on whether your fund has one of the following:
If your fund has individual trustees, it’s an SMSF if all of the following apply:
If your fund has a corporate trustee, it’s an SMSF if all of the following apply:
Single member funds It’s possible for you to set up your fund with only one member. If you have a corporate trustee for a single member fund, the member needs to be one of the following:
You can also have two individuals as trustees. One trustee needs to be the member and the other needs to be one of the following:
A trustee or director can’t be paid for their services as a trustee or director in relation to the fund. Please click here for the SMSF set up cost. |