You can usually have up to six members in a fund and almost all Australian residents can apply to set up their own SMSF. To be an SMSF member, you generally must:Be at least 18 years oldBe financially solventConsent to being a member or trustee of the fundAccept the fund’s responsibilities by signing a Trustee DeclarationHave no criminal convictions relating to dishonest behaviourHave never breached the Superannuation Industry (Supervision) Act 1993 or been disqualified by SMSF regulatorsNot breach the sole purpose test