A person 18 years or over and not under a legal disability (bankrupt or mental impairment) can be a trustee of a superannuation fund
unless they are a disqualified person.
A disqualified person is one who:
- Has ever been convicted of an offence involving dishonesty
- Has ever been subject to a civil penalty order under the SIS Act
- Is considered insolvent under administration
- Is an undischarged bankrupt, or
- Has ever been disqualified by a regulator.
A person under 18 years of age can not be trustee of a superannuation fund. A parent or guardian can be a
trustee for a member who is under 18 years of age and does not have a legal personal representative.
Note that a corporate trustee of a SMSF also must not be a disqualified company.
A disqualified company is one which:
- Has a responsible officer who is a disqualified individual
- Has had a receiver or provisional liquidator appointed, or
- Has had an action commenced to wind up the company.
A declaration needs to be signed each year by all trustees or directors, stating that they are not disqualified.