If you are considering setting up a self-managed super fund (SMSF), different rules apply depending on whether it has an individual trustee or corporate trustee structure.
For an individual trustee structure:
1. The fund consists of two to six members.
2. Each member must be a trustee.
3. A member cannot be an employee of another member unless they are relatives.
4. Some states and territories restrict the number of trustees to fewer than six.
For a corporate trustee structure:
1. The fund also consists of two to six members.
2. Each member must be a director of the corporate trustee.
3. A member cannot be an employee of another member unless they are relatives.
4. Directors need to have a director identification number.
The rules for these structures are different for SMSFs with only one member.
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