In This Chapter
Wearing two hats — trustee and fund member
Finding out whether you’re eligible to become a SMSF trustee
Comparing an individual trustee with a corporate trustee
Appointing a corporate trustee
Dealing with the special case of single member SMSFs
I f you want your superannuation savings held in a self-managed super fund (SMSF), you must become a trustee of your fund. As trustee, you look after a fund, a SMSF, that has the legal structure of a trust, and you run the SMSF and make decisions on behalf of fund members — including you! Ordinarily, all trustees must be members of your SMSF, and all members must be trustees. In other words, you can’t be a member of a SMSF without also being a trustee of that fund. This means you wear two hats — SMSF trustee and SMSF member.
A trustee can be an individual or a company. A corporate trustee is a company incorporated under the law that then acts as trustee for the fund. If ...