It is an ATO requirement to have a minimum of 2 Individual Trustees or a Corporate Trustee. Note the second Trustee does not need to be a Member. However, the second Trustee can be a Member if you so decide. A Trustee should have a Tax File Number and be over 18.
In a Corporate Trustee structure, all Members must be Directors of the Corporate Trustee.
The term “settlor” refers to the person who establishes a Trust. In an SMSF, the settlor is the Trustee.
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