- SMSFs must have 6 or fewer members.
- The Trustee(s) will either be individuals who are all members of the SMSF, or a Corporate Trustee whereby all Directors are members of the SMSF.
- If there is only one member of the fund then that member plus another person unrelated to the Member will be Trustees.
- No member can be an employee of another member - unless the two members are related.
- For a single Member SMSF with a Corporate Trustee, either the single Member will be the Sole Director of the company or it will be a company with two directors whereby the second Director is a relative of the member only if they are the employer of the Member or a non-relative of the member if they are not their employer.
- No trustee can receive payment from the fund for their services as trustee.