Q: If there is a corporate trustee for a single member SMSF and one of the directors has resigned, what do I need to consider?
A: Okay, so probably the most technical of the questions so far, because there are a lot of things that do need to be considered. And unfortunately, this is often overlooked. In many cases, people throw their hands up and say, I don’t want to be part of this SMSF anymore, and they leave. There are lots of things that we need to consider. What I’ve given you here is the actual rules which are contained within the superannuation legislation. And what you can see here is there is a section of the Superannuation Industry and Supervision Act (SIS Act), section 17A, which sets out all the rules around membership.
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