Other annual costs for both trustees include optional financial adviser's and accountant's fees and the obligatory auditor's fee. Both trustees have to appoint an independent approved auditor to audit the fund each year. 3.  Penalty unit regime Under the Superannuation Industry (Supervision) Act, courts have the ability to impose a higher fine on companies rather than individuals -- the company fine is five times more than the individual one. 4.  Parent and minor children members An SMSF operating under an individual trustee structure is currently the only SMSF where there can be a child member of the fund under the age of 18 as the parent or guardian can act as a trustee for the child. If a member of an SMSF is a minor and does not have a legal personal representative, the member's parent or guardian may act as a trustee of the fund on the member's behalf. A corporate trustee SMSF was traditionally regarded as not appropriate for child members under the age of 18 because a minor cannot be a director of a company and super law requires that all members of a corporate trustee fund be directors of the trustee company. However, a proposed new law is intended to abolish and replace the section of the act pertaining to that rule -- thus allowing a parent or guardian of a minor child member to be a trustee-director in the member's place if the member does not have a legal personal representative. The law is currently