Adoption of Superannuation Trustee Constitution
There are essentially two types of trustees which are responsible for the operation of a Self Managed Superannuation Fund.
- An Individual – who is a current a member of the fund, or
- A special purpose company – SMSF Corporate Trustee.
It is important to understand that a company which is acting as the trustee of a Self Managed Superannuation Fund is required to have a different constitution to a normal Pty Ltd company.
The difference being that the company’s constitution must prohibit the company from distributing income or property to its members.
To ensure your Self Managed Superannuation Fund’s corporate trustee is established correctly you must also notify ASIC that the sole purpose of the company is to act as a trustee of a regulated superannuation fund.
Once you have notified ASIC, you will then be entitled to reduced Annual Review fees.