The trustees are the custodians of the fund; it is the trustees who are responsible for managing the fund and ensure it complies with the trust deed and the applicable laws. All smsf trustees must be members of the fund, and all members of the fund must be with trustees (with the exception of minors).

If the trustees are individuals, then there must be at least two trustees and they must both be members.

However, the SMSF may instead have a corporate trustee. If the the SMSF has a corporate trustee, a special purpose company becomes the trustee, and the director of that company must be a member. By having a corporate trustee, a self managed super fund can have a single member. It also prevents the fund being in breach if one of the individual members dies or become ineligible to be a trustee.

Return to Self Managed Super Funds.