Once you have decided to set up an SMSF, you will need to:
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:
If your SMSF has a Corporate Trustee, it is an SMSF if all of the following applies:
If you have a Corporate Trustee for a single Member Fund, the Member needs to be one of the following:
You can also have two individual Trustees. One Trustee needs to be a Member and the other needs to be one of the following:
The ATO also has a good video explaining in details on the structure of Trustees that an SMSF can adopt, please see below.
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: