While the diy superannuation fund is supposed to have between one and four members, this is not strictly true. You cannot run a diy fund with only one member, unless that member has a corporate trustee, or another ‘natural’ person to also be a director. A corporate trustee is both complicated and expensive, so most would opt for that ‘natural’ person - making two members.
Both of these members must be trustees of the diy superannuation fund. This person can be anyone who is 18 years old or over, but bosses are excluded - unless they are also related to you. Every member of the diy fund must be a trustee - and all trustees must be members. So they all get to have some say in the running of the fund. The only way under-aged persons can be members is if their legal personal representative becomes a member. That is, wife or husband if they are over 18, or parents or other guardian.
So if your Lotto syndications from work wins up big, they cannot start up a diy superannuation fund unless there are four or less persons in it and the boss is not one of them - unless of course, the boss is related to another member. If mum and dad have diy superannuation with only them in it, them both are members and trustees of the fund. That makes it quite simple.
Mel writes about diy superannuation, savings accounts and other finance topics.
