An individual SMSF structure can be a single- member fund but only if there are two trustees and the non- member trustee does not have an employer-employee relationship with the member. The only exception to the latter is when the non- member trustee is a relative of the member. If your SMSF has a corporate trustee. Having a corporate trustee allows for one to four directors in the company, all of which must also be members of the fund. An SMSF can have up to four individual members , each of whom must be a trustee of the fund.
Alternatively, an SMSF can have a company as a corporate trustee, with each member of the SMSF being a director of the company and each director of the company being a member of the SMSF.
Your SMSF can have up to four members , who are friends or family. Most SMSFs have two or more. As a member , you are a trustee of the fund — or you can get a corporate trustee. In either case, you are responsible for the fund.
Who is a SMSF trustee? How many members does a SMSF have? Can a SMSF member be an employee? What happens when a member has a legal disability?
There is a separate exception in s 17A(3)(b)(i) for SMSF members under a legal disability.