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Anything to take care or considered as important if the SMSF members are from different families. (Members are not related)
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Hi Noble
Yes section 17A of SIS needs to be considered. Normally in a SMSF members are either relatives or they are in a business together (eg. co directors of a business).
Section 17A(1)(e) that:
"no member of the fund is an employee of another member of the fund, unless the members concerned are relatives".
That is if members are in a SMSF and they are not relatives then a member cannot be employed by another member. This means that non relatives can be in a SMSF together as long as one member is not employed by another member.
Thanks
SMSF AAA