Who can be a trustee of a self-managed super fund?

Who can be a trustee of a self-managed super fund?

Anyone over 18 can be a Trustee of an SMSF including a spouse, adult child or friends. It is FREE to appoint Individual Trustees for an SMSF. Alternatively you may select a Company to act as a Trustee for your SMSF. In this case the Members of the SMSF will need to be the Directors of the Company Trustee.

What is the difference between a corporate trustee and an individual trustee?

These are explained as follows: Trustees are personally liable for the trust’s liabilities. A corporate trustee, therefore, limits the trustee’s liability to corporate assets (being the trusts assets rather than the trustee’s personal assets).

When can I access my self-managed super fund?

The simplest answer to the question of when you can access your Self-Managed Superannuation Fund (SMSF) is when you retire and you are at least 60 years old.

How do you become a trustee of a self managed super fund?

You must also complete this declaration if you: deceased member. All trustees and directors of self-managed super funds (SMSFs) must consent to their appointment and sign a declaration within 21 days stating they understand their responsibilities. Check that all members are eligible to be trustees or directors.

What is a self managed super fund ( SMSF )?

A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.

Who are the members of a super fund?

Your SMSF can have up to four members, who are friends or family. Most SMSFs have two or more. As a member, you are a trustee of the fund — or you can get a corporate trustee. In either case, you are responsible for the fund. While having control over your own super can be appealing, it’s a lot of work and comes with risk.

Who are the trustees of the SMSF fund?

It is important to understand that the SMSF Trustees do not own the SMSF Assets but are simply responsible for administering the SMSF which includes: Maintaining all records of the SMSF (noting ESUPERFUND maintain most records electronically). Establishing the SMSF Investment Strategy (noting a Standard Strategy is provided by ESUPERFUND).

Previous Post Next Post