Virtually everyone can have an SMSF. However, when you set up an SMSF, you generally also have to be a “trustee” or a director of a company that is the trustee of your fund. Trustees are the people who are legally in charge of the fund. Some people are specifically not allowed to be a trustee. This includes people who:
There are certain circumstances where you can’t be a trustee but someone else is allowed to do it for you. Under these circumstances you can still have an SMSF. This is possible, if:
If you are not sure if you are eligible to be an SMSF trustee, contact Heffron and we can talk you through the eligibility requirements.