Self Managed Superannuation

Do you know what it takes to be a Self Managed Superannuation fund trustee?

Before you set up a self managed superannuation fund (SMSF) you need to ensure you are eligible to be a member and trustee and understand your responsibilities.

Craig at HQB Financial Solutions understands the decision to open and manage your own Super fund need to be considered carfully. Law stipulates Trustee’s must meet certain criteria before an SMSF can be recommended. This includes understanding your responsibilites and duties as Trustee and having the time to execute these duties. This information flows on from our previous article Is Self Managed Super right for you?

Contact Craig HERE to get the right advice the first time.

Who can be a member?

Essentially anyone can be a member of an SMSF provided they are not an employee of another member unless they are related to them and are not a ‘disqualified person’ (see below).

An SMSF can have between one and four members, although most funds have two members. Common examples are a couple (eg a husband and wife or same sex couple) or two people who are in business together.

Who can be an SMSF trustee?

Each member of an SMSF also needs to be either an ‘individual trustee’ of the fund or a director of a trustee company, which is known as a ‘corporate trustee’.

You can be an individual trustee so long as you are not a ‘disqualified person’ and are not:

  • a minor (ie a child under 18 years of age), where you will need a parent (who may also be a member of the fund), a guardian or a Legal Personal Representative to act as trustee on your behalf, or
  • a person with a mental incapacity, where you will need another person who holds an ‘enduring power of attorney’ to act as trustee for you.

Most companies can be used as a corporate trustee provided that:

  • a director, executive, company secretary or other ‘responsible officer’ is not a ‘disqualified person’
  • a receiver, official manager or provisional liquidator has not been appointed, and
  • action has not commenced to wind up the company.

You could use an existing company, however, it’s worth thinking about having a separate corporate trustee for your SMSF. This helps keep your SMSF’s assets separate from your other assets, as required by law.

Continue to the full article What it takes to be an SMSF Trustee


Self Managed Superannuation

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