In a Self Managed Superannuation Fund (SMSF) each member has to be a trustee or a director of a corporate trustee and each trustee or director of a corporate trustee a member. However, a SMSF cannot have only one trustee.
As a SMSF can have between one and four members, what are the options for setting up a single member SMSF?
The options for setting up a single member SMSF are to have one of the following trustee structures:
a corporate trustee with the member as the sole director of the corporate.
a corporate trustee with the member being one of only two directors of the corporate, where the member is not an employee of the other director unless they are related.
two individual trustees, provided the member is one of the trustees and is not an employee of the other trustee unless they are related.