What is a Super Fund Trustee Company used for?
A super fund trustee company is a type of proprietary company that is permitted to only act as trustee of a self-managed superannuation fund and is not permitted to trade in any form or to act as a trustee of any other trust.
A super fund trustee company’s constitution must contain a clause prohibiting the company from distributing income or property to its members and limits its ability to act in any other capacity.
What’s required?
- It has all of the same requirements as a standard proprietary company, but qualifies to pay a much lower annual fee with ASIC.
- One director and one shareholder (this can be the same person) – must be over 18 years of age and at least one director must ordinarily reside in Australia. Importantly, the directors of this type of company are determined by reference to the members of the SMSF.
- A secretary is not required for a proprietary company but, if one is appointed, they must reside in Australia.
- A proprietary company is limited to a maximum of 50 members. Any legal entity may hold shares in a company. This includes any person, company or incorporated association which is resident anywhere in the world. There is no prohibition imposed by the SIS Act on the number or identity of members in this type of company.