Document ID: chunk:federal_register_of_legislation:C2004C01337:clause:1_17a:p1
Version: federal_register_of_legislation:C2004C01337
Segment Type: clause
Provision Reference: sch 1 cl 17A (pt 1/4)
Character Range: 7567–10026

17A  Definition of self managed superannuation fund

Basic conditions—funds other than single member funds

 (1) Subject to this section, a superannuation fund, other than a fund with only one member, is a self managed superannuation fund if and only if it satisfies the following conditions:
 (a) it has fewer than 5 members;
 (b) if the trustees of the fund are individuals—each individual trustee of the fund is a member of the fund;
 (c) if the trustee of the fund is a body corporate—each director of the body corporate is a member of the fund;
 (d) each member of the fund:
 (i) is a trustee of the fund; or
 (ii) if the trustee of the fund is a body corporate—is a director of the body corporate;
 (e) no member of the fund is an employee of another member of the fund, unless the members concerned are relatives;
 (f) no trustee of the fund receives any remuneration from the fund or from any person for any duties or services performed by the trustee in relation to the fund.

Basic conditions—single member funds

 (2) Subject to this section, a superannuation fund with only one member is a self managed superannuation fund if and only if:
 (a) if the trustee of the fund is a body corporate:
 (i) the member is the sole director of the body corporate; or
 (ii) the member is one of only 2 directors of the body corporate, and the member and the other director are relatives; or
 (iii) the member is one of only 2 directors of the body corporate, and the member is not an employee of the other director; and
 (b) if the trustees of the fund are individuals:
 (i) the member is one of only 2 trustees, of whom one is the member and the other is a relative of the member; or
 (ii) the member is one of only 2 trustees, and the member is not an employee of the other trustee; and
 (c) no trustee of the fund receives any remuneration from the fund or from any person for any duties or services performed by the trustee in relation to the fund.

Certain other persons may be trustees

 (3) A superannuation fund does not fail to satisfy the conditions specified in subsection (1) or (2) by reason only that:
 (a) a member of the fund has died and the legal personal representative of the member is a trustee of the fund or a director of a body corporate that is the trustee of the fund, in place of the member, during the period:
 (i) beginning when the member of the fund died; and
 (ii) ending when death benefits commence to be payable in respect