Corporate Trustee

If a corporate trustee is selected, it is best to use a company that solely functions and operates as the trustee of the SMSF.  This allows a clear distinction of fund assets to be maintained.

The main disadvantage of a corporate trustee is that it will add to the operational costs of an SMSF as expenses will include: 

• Setting up a new company.
• Annual review fee payable to ASIC – this fee is lower if it is a special purpose proprietary company.
• Preparation of annual financial statements, minutes and an audit..