More and more people are considering a Self Managed
Superannuation Fund and should be aware that all SMSFs must have a
trustee. This trustee can be either made up of the individual
members or a company in which individual members are the directors
and the shareholders.
Tony Mitchell, a specialist in commercial law at Stacks Law
Firm, says that while most SMSFs are set up with individual members
as trustees, there are important advantages in having a company as
trustee.
"Individual trustees can be personally liable for
administration of their SMSF, whereas the directors of a trustee
company enjoy the benefits of limited liability," Mr Mitchell
said.
"One of the most important aspects of a SMSF is ensuring
that fund assets are kept entirely separate from assets of the
members. This separation is much easier to achieve if the
trustee of the SMSF is a company.
