188.8.131.52 Trustee Requirements for Special Disability Trusts
This topic contains information on the following:
- who can be a trustee, and
- how many trustees are required.
Who can be a trustee
A trustee can be either an individual or a corporation. An individual, or a director of a trustee corporation, must:
- be an Australian resident, and
- not have been disqualified at any time from managing corporations under the Corporations Act 2001, and
- have not been convicted of an offence of dishonest conduct against a law of the Commonwealth, state, territory or foreign country, and
- have not been convicted of an offence under the SSAct or the SS(Admin)Act or the VEA.
Act reference: SSAct section 1209Q Trustee requirements
How many trustees are required
There must be at least 2 trustees at all times, which includes friends and family, except where a professional trustee is appointed. A professional trustee is either a trustee corporation or an Australian legal practitioner within the meaning of the Legal Profession Act 2004 or its legislative equivalent in other Australian states or territories.