Why do I need 2 Trustees in an SMSF?

Written by Hein Preller , Posted in SMSF set-up

Not being funny but why do they have to make it so complicated?

 

If I get another trustee it would only be to avoid the charges for corporate which makes it a farce. I really don’t want to fork out $950 because some desk job lawyer says I have to. Would the elected trustee have access to my super? Pension? Legally who can it be? I am single (no partner).

 

Sorry but I’m really over super and pension regs – I had an awful time with this in the UK also……

 

Cheers

🙂 Steve

Hein Preller

Hein is a Director at Superannuation Warehouse, specializing in setting up new SMSF's. Hein's company performs all the annual administration tasks consisting of preparing financial statements, lodging a tax return and arranging the audit.

Facebook Comments:

Comments (1)

  • Hein Preller

    |

    Steve,

    A SMSF is a type of trust and from a legal perspective, does not have legal persona. So it is represented by the trustees. If there’s just one Trustee and that trustee dies, the Trust (SMSF) disappears. So 2 Trustees are required, or you can set up a corporate trustee to ensure the SMSF stays “alive”.

    The main disadvantage is the cost of a corporate Trustee. We charge $950 for set-up and the annual fee to ASIC is $42. More on corporate Trustee pro and cons here:
    http://www.superannuationwarehouse.com.au/free-smsf-setup/smsf-corporate-trustee/

    This is a great question and I added it to my blog. Trust this helps.

    Regards Hein Preller Director – Superannuation Warehouse

    Reply

Leave a comment

You must be logged in to post a comment.