What are the conditions of a SMSF according to the SIS Act?
Speaking generally, for an SMSF to be complying: • It must have 4 (or fewer) members; • Each individual trustee must also be a member; • Each director of a corporate trustee must also be a member; • No member can be an employee of another member – unless the two members are related; and • No trustee can receive payment from the fund for their services as trustee. There are some limited exceptions to numbers 2 and 3 above.
