Why do all of the members have to be trustees?

To be a self managed superannuation fund (or SMSF), the fund needs to meet the definition of a SMSF in S.17A of the Superannuation Industry (Supervision) Act 1993.

One of these requirements is basically that, for all funds except for sole member funds, all of the members must be trustees (or directors of the corporate trustee), and all of the trustees (or directors of the corporate trustee) must be members.

However, where a fund has only one member and individual trustees, it is required to have two individual trustees.