Consent to act as Trustee and Member Application

Once you have decided to set up an SMSF, you will need to:

  • decide what Trustee structure to use for your SMSF – individual Trustees (up to 4 individuals) or a Corporate Trustee
  • have at least 2 Trustees in the Fund as an ATO requirement
  • make sure that you and other Members in the Fund are eligible to be a Trustee of an SMSF
  • consider the residency status of all Members in your SMSF so the SMSF will be compliant and can receive tax concessions.

Structuring your SMSF

For your Fund to be a compliant SMSF, it needs to meet several requirements under the Superannuation Legislation. The requirements are different depending on the Trustee structure of the Fund:

A Corporate Trustee

If your SMSF has a Corporate Trustee, it is an SMSF if all of the following applies:

  • It has four or less Members
  • Each Member of the Fund is a director of the company
  • Each director of the Corporate Trustee is a Member of the SMSF
  • No Member is an employee of another Member, unless they are related
  • The Corporate Trustee is not paid for its services as a Trustee
  • No director of the Corporate Trustee is paid for their duties or services as director in relation to the Fund
A single Member

If you have a Corporate Trustee for a single Member Fund, the Member needs to be one of the following:

  • The sole director of the Trustee company
  • One of only two directors, that is either related to the other director / not an employee of the other director

You can also have two individual Trustees. One Trustee needs to be a Member and the other needs to be one of the following:

  • A person related to the Member
  • Any other person who does not employe them

The ATO also has a good video explaining in details on the structure of Trustees that an SMSF can adopt, please see below.

SMSF – Type of Trustees

To be a Member and Trustee of the Fund, you will need to complete a Member Application form and Trustee Consent. For our template, please click on the button below:

Download the Member Application and Trustee Consent

 

 

 

 

 

 

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Peace Of Mind

We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.

No Advice

Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.

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