Multiple Member SMSF
- The SMSF must have no more than 6 Members
- No Member can be an employee of another Member – unless the two Members are related
- By law, no Trustee can receive payment from the fund for their services as Trustee
- If an Individual Trustee structure is selected, all Members must also be Trustees, unless they are ineligible to be.
- If the Trustee is a Company (Corporate Trustee), all Members must also be Directors of the Trustee Company
Sole Member SMSF
- If the Trustees are individuals, there must be 2 Trustees.
- The Member must be a Trustee along with another individual as the second Trustee
- The second Trustee cannot be the employer of the Member, unless they are related to that Member.
- If the Trustee is a Company
- The Member must be a Director of the Trustee Company, unless they are ineligible to be.
- The company can have a maximum of 2 Directors – being the Member and another individual
The second Director cannot be the employer of the Member.