Often the reason for Self-Managed Super Funds (SMSF) not having a Corporate Trustee is the cost of setting up a company. It is the company which becomes the legal entity that acts as the Trustee of the SMSF. Typically two members of the fund become the directors of the trustee company. The company may have just one director or more.
However when you consider the advantages and the life span of an SMSF (which can be many years and inter-generational in some cases), it would seem that the costs are fairly insignificant when weighed up again the advantages (particular on an ongoing basis). Continue reading Why your SMSF should consider a Corporate Trustee
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SMSFs: Control your saving for retirement
The ATO website contains some revealing data on the increasing attractiveness of setting up, and being a member of, a Self Managed Super Fund (SMSF).
In the five year period to June 2014, there was a more than 33 per cent increase in the number of SMSFs in Australia.
This means there are now well over half a million SMSFs, and the more than 1 million members (trustees) of these funds are enjoying all the advantages that a SMSF has over traditional public superannuation funds. [1]
- ATO SMSFs Quarterly Reports
Control over your destiny
Why then are so many Australians making the move into SMSFS? Continue reading SMSFs: Control your saving for retirement