The trustees of a self managed super fund are responsible for the governance of the fund. Under the SIS Act, the trustee can be a corporation provided that all directors of the corporate trustee are members of the fund and all members are directors of the corporate trustee.
If the smsf is to have individual trustees, there must be at least two and no more than four, and they must not be disqualified persons. Similarly, all trustees must be members of the smsf and all members must be trustees. There is an exception for minors and those with legal disability whereby they do not need to be trustees of the fund.
Self Managed Super Funds with a corporate trustee can save on ASIC fees if the company is a special purpose company. Special Purpose Companies have reduced annual fees as they can serve no purpose other than act as trustee for a self managed super fund.
If the SMSF audit establishes that the trustees of a self managed super fund are found to be disqualified persons, then the smsf will be in breach and may be deemed non compliant. For funds with two individual trustees, the death of a member will mean the smsf will have to appoint another trustee or be wound up.