Self Managed Super Funds (SMSF) trustees run their funds. To avoid problems trustees must be at least 18 years old. The trustees must also indicate they will act responsibly. Here are some of the guidelines for Trustees:
- not under a legal disability
- no conviction of an offence involving dishonesty
- no civil penalty under the SIS Act
- no undischarged bankrupt
- no disqualification by a regulator
There are other considerations if the alternative method of a corporate or company trustee is established. The company is obligated to make sure potential trustees are fit to serve. Here is a list of potential conflicts The Company must learn if the potential trustee is a disqualified person The Company must learn if the potential trustee had a receiver, manager, administrator or provisional liquidator appointed. The company must learn if the potential trustee took steps to wind up the company.
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