This video from the ATO discusses the differences between individual trustees and corporate trustees for Self-Managed Super Funds (SMSFs).
Source: the ATO Youtube Channel
Key Topics Covered:
- Definition of Trusteeship Structures:
- Individual Trustees: An SMSF managed by individual trustees, typically the members themselves.
- Corporate Trustee: An SMSF managed by a company appointed as the trustee, with members serving as directors.
- Key Differences Between Trustee Structures:
- Administrative Requirements: Variations in setup and ongoing administrative obligations.
- Asset Ownership: How assets are held and registered under each structure.
- Succession Planning: Implications for the continuity of the fund in the event of member changes.
- Advantages and Disadvantages:
- Individual Trustees: Pros and cons, including simplicity and potential limitations.
- Corporate Trustee: Pros and cons, including flexibility and associated costs.
- Considerations for Choosing a Trustee Structure:
- Factors to evaluate when deciding between individual and corporate trustees, such as cost, complexity, and long-term objectives.
This video serves as a guide for individuals setting up an SMSF, helping them understand the implications of choosing between individual and corporate trustee structures.
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