Alternate Trustees for SMSFs

It is generally well understood that each member of an SMSF must be an individual trustee or a director of the corporate trustee. Further, if someone can’t be a trustee or director, due to being disqualified, then they cannot be a member of the SMSF. For single member funds, the member needs to be one of only two individual trustees or where there is a corporate trustee the member is either the sole director or one of only two directors. This is clearly defined within section 17A of the Superannuation Industry (Supervision) Act 1993 (SISA93). Satisfying the definition of an SMSF is essential to maintaining the complying status of a fund.

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