SMSF company trustee, page-2

  1. Enn
    1,463 Posts.
    Usually the point of having a corporate trustee is to avoid the complication of multiple members, viz it's much more simple to have just one person responsible for decisions and for signing all the paperwork.

    I moved to Corporate Trustee from two member Trustee about three years ago and it's hugely better. There is some work involved in changing the name on all investments, on your broker trading a/c, bank accounts etc., but it's all quite straightforward, if tedious.

    One thing to watch out for is that if you have , say, a term deposit in the original SMSF name and want to change it to the new company name, the bank is not obliged to do this without terminating that term deposit.
    I had a five year td with SUN and was grateful to them for negotiating a termination of the contract but then reinstatement on the same terms for the new entity.
 
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