NOTES ABOUT SMSF MEMBERS
(INDIVIDUAL TRUSTEES)
  1. You need to decide who are going to be members of the fund at this early stage. You can add anyone to your fund. You might want to add your spouse and your minor children but bear in mind that the maximum number of members (in one fund) is four.

  2. Note that all members (including children) will need their own Tax File Numbers so if they haven't got one they should apply at an early stage for one.

  3. The online filler is not suitable for members who need representation (because for example they are children or not able to manage their own affairs). In the case of a child the representative would be a parent or guardian, otherwise it could be the holder of an enduring power of attorney or court appointed guardian. Either way, the member can be added easily afterwards.

  4. Remember that you will need at least two trustees. So if the fund is to benefit only one person, a second trustee needs to be chosen. Often the choice is a spouse, but it could be an adult child or other relative, or a trusted friend. The only restriction is that it cannot be the member's employer unless that person is also a relative.

  5. Each member/trustee will need to understand their legal obligations. There is plenty of information about this on the ATO site but the obligations also appear in the product disclosure statement, the trustee's declaration and in the trust deed.