Super Fund Set Up

Super Fund Set Up

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:

• a corporate trustee

• individual trustees

• a single member.

If your fund has individual trustees, it’s an SMSF if all of the following apply:

• it has four or less members

• each member is a trustee

• no member is an employee of another member, unless they’re related

• no trustee is paid for their duties or services as a trustee.

If your fund has a corporate trustee, it’s an SMSF if all of the following apply:

• it has four or less members

• each member of the fund is a director of the company

• each director of the corporate trustee is a member of the fund

• no member is an employee of another member, unless they’re related

• the corporate trustee is not paid for its services as a trustee

• no director of the corporate trustee is paid for their duties or services as director in relation to the fund.

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:

• the sole director of the trustee company

• one of only two directors, that is either of the related to the other director and not an employee of the other director.

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 person related to the member

• any other person who does not employ them.

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.