02 9683 5999There is currently draft legislation before parliament to amend the SIS Act which governs the operation of Self-Managed Superannuation Funds (SMSF). The amendment would allow a parent or guardian to be a director of a trustee company for a minor who is a member of a SMSF. The change will remove the current impediment of funds with a corporate trustee being unable to have members who are minors. If passed, the legislation would be retrospectively applied from 8 October 1999.
If you would like additional information on the proposed change to trustee rules for minor members of a SMSF contact any one of our offices at Parramatta, Sydney or Penrith and speak to a qualified chartered accountantclick here for contact information
