The issue of whether an SMSF should have an Individual or Corporate Trustee is often raised. This decision requires careful consideration. The below table outlines some of the issues relevant to each structure.
The different Trustee structures for a SMSF are:
- Individual Trustees, where each member of the Fund is a Trustee.
- A Corporate Trustee, where each member of the Fund is a Director of the Trustee Company.
*Table sourced from ATO.
If you are contemplating an SMSF, it is worthwhile seeking advice from a SMSF professional to ensure you understand the benefits and costs for each type of Trustee structure. Contact our office for further information and a detailed discussion.