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SMSF Adoption of Trustee Constitution

Adoption of Superannuation Trustee Constitution

There are essentially two types of trustees which are responsible for the operation of a Self Managed Superannuation Fund.

  1. An Individual – who is a current a member of the fund, or
  2. 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.

SMSF Trustees

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.

Trustees are responsible for ensuring the Trust follows government rules and regulations. A trustee is responsible for making pivotal decisions on behalf of the Trust.

If you require us to prepare the forms to notify ASIC an additional fee of $120 will apply.

 

Please contact our office on 1300 722 796 for information on how to complete this type of change.