Smsf how many trustees

This is similar to the Trustee function in a family trust. We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you. Superannuation Warehouse is an accounting firm and do not provide financial advice.

Because of that, Trustees are advised to consider their own circumstances before engaging our services. Pensions Account Based Pension 1. If there are two directors and the fund member is an employee of the other director, the fund member and the other director must be relatives.

A trustee cannot be paid for their duties or services as a trustee. ASIC charges a fee to register a corporate trustee for the first time. There is an annual review fee, which is lower if the corporate trustee acts solely as a super fund trustee, but higher if the corporate trustee also performs another function, such as running a business.

It's free to apply for a director ID External Link. A corporate trustee cannot be paid for its services as a trustee, and directors of the corporate trustee cannot be paid for their duties or services as directors in relation to the fund. If an individual trustee is removed or another added, you must change the titles of the SMSF's assets.

This can be costly and time-consuming. State government authorities may charge a fee for title changes. Most financial institutions also charge a fee for title changes. Recording and registering assets can be simpler, particularly for changes in membership.

When a person starts or stops being a member of the SMSF, they become, or cease to be, a director of the corporate trustee. You must notify us, and ASIC of any change in director. Fund assets must be in the fund's name Fund assets must not be combined with personal assets. Fund assets must be in the fund's name. If the trustee is a company, then your personal liability is generally limited to the assets held in the SMSF.

Assets that you own outside the fund are protected. But in our experience, generally the best structure for an SMSF is to have a company and these costs are a worthwhile investment in the future. Feel free to share, but please always credit Heffron Consulting. Related Resources.

Is an SMSF right for me? How to set up an SMSF. Advisers Accountants Individuals. Naming your fund. Who can set up an SMSF together? Accountants Advisers Individuals.