Self Managed Superannuation Funds
Trustee / Member - Generally, under the Superannuation Industry (Supervision) Act 1993:
(a) ALL fund members must be trustees (or directors of a corporate trustee) and ALL trustees (or directors of a corporate trustee) must be fund members;
(b) sole member funds without a corporate trustee must have at least 2 individual trustees one of whom is the sole member;
(c) sole member funds with a corporate trustee may have a single director being the sole member, or 2 directors one of whom must be the sole member; and,
(d) an SMSF must not have more than 6 members.
Legal Personal Representative - If a member is a minor or otherwise incapacitated (infirm or mentally incapable), they must be represented by an individual trustee/director of a corporate trustee who is over 18 and having full legal capacity.