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DIY Super For Dummies, 3rd Australian Edition by Trish Power

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Chapter 8

Individual Trustees versus Corporate Trustee

In This Chapter

arrow Wearing two hats — trustee and fund member

arrow Finding out whether you’re eligible to become a SMSF trustee

arrow Comparing an individual trustee with a corporate trustee

arrow Appointing a corporate trustee

arrow Dealing with the special case of single member SMSFs

I f you want your superannuation savings held in a self-managed super fund (SMSF), you must become a trustee of your fund. As trustee, you look after a fund, a SMSF, that has the legal structure of a trust, and you run the SMSF and make decisions on behalf of fund members — including you! Ordinarily, all trustees must be members of your SMSF, and all members must be trustees. In other words, you can’t be a member of a SMSF without also being a trustee of that fund. This means you wear two hats — SMSF trustee and SMSF member.

A trustee can be an individual or a company. A corporate trustee is a company incorporated under the law that then acts as trustee for the fund. If ...

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