Document ID: chunk:federal_register_of_legislation:C2025C00134:section:17a:p1
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 17A (pt 1/4)
Character Range: 119952–122441

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 no more than 6 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;
 (g) if the trustee of the fund is a body corporate—no director of the body corporate receives any remuneration from the fund or from any person (including the body corporate) for any duties or services performed by the director in relation to the fund.
Note: Section 17B contains exceptions to paragraphs (1)(f) and (g).

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;
 (d) if the trustee of the fund is a body corporate—no director of the body corporate receives any remuneration from the fund or from any person (including the body corporate) for any duties or services performed by