Trustee Requirements

Last amended: 9 October 2006

What are the trustee requirements?

A trustee of the special disability trust (SDT) can be either an individual or a corporation. An individual trustee, or a director of a trustee corporation, must:

• be an Australian resident,
• not have been disqualified at any time from managing corporations under the Corporations Act 2001,
• not have been convicted of an offence of dishonest conduct against a law of the Commonwealth, State, Territory or a foreign country, and
• not have been convicted of an offence under the Social Security Act 1991 or the Social Security (Administration) Act 1999 or the Veterans' Entitlements Act 1986.

Note: A statutory declaration to this effect is required from each of the trustees or directors of the trustee company. A professional trustee may charge the trust usual and proper administration charges.

How many trustees are required?

There must be at least two trustees at all times, 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.