When establishing a self-managed super fund (SMSF), the initial decision revolves around choosing between an SMSF corporate trustee and an individual trustee to oversee the SMSF‘s operations. The key distinctions between the two options will play a crucial role in guiding your decision-making process. Our analysis below aims to assist you in making an informed choice.
An individual trustee is a person appointed to manage a self-managed super fund. For a single-member SMSF, two individual trustees are required, with at least one being a fund member
If you choose this structure by appointing another trustee who does not have any member balance in the SMSF, you will need to consider the following:
Alternatively, you can use a company to act as the trustee for your SMSF. This is quite common for SMSFs with property investment or a single member.
Benefits of a Corporate Trustee:
iCare Super charges an upfront fee of $880 (including GST) to incorporate the trustee company and an additional $220 for the ASIC annual return.
Yes, the transition is possible, but it involves updating the trust deed and reporting changes to the ATO and relevant asset registries. iCare Super is available to assist with detailed discussions and support throughout the process.. Please contact iCare Super to discuss in detail.