There are 3 main situations when a person can’t act as a trustee of SMSF (neither as a director of SMSF Corporate Trustee)

This means that this person can’t be a member of the SMSF.

This situation can arise after the SMSF has been established which means that this person needs to resign as a trustee and rollover out of the SMSF into a public superannuation offer fund or change the structure of the SMSF into a small APRA fund and appoint a professional trustee.

The 3 situations that can cause a person to be disqualified are:

  • Convicted of an offence in respect of dishonest conduct
  • Undischarged bankrupt
  • Disqualified by ATO action

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Disclaimer and Warning
The information above is of a general nature only. It should not be used as a source to make financial decisions. It’s also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status. We recommend that if you are looking for advice on this matter, you should contact us.