Can anyone have an SMSF?

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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:

• have ever been convicted of an offence involving dishonesty
• have ever been subject to a civil penalty order imposed by superannuation law
• are considered insolvent under administration
• are an undischarged bankrupt
• have been disqualified by a regulator e.g. ATO or APRA

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:

• You are under 18 and your parents are the trustee for you
• You are disabled and have someone who has been legally appointed to manage your affairs
• You have given someone an “enduring power of attorney” (a legal document that allows them to act on your behalf in a number of ways, including being the trustee of your SMSF)

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.