After you have established the SMSF, complete the paperwork to appoint the individual trustees (or directors of the corporate trustee).
If you need to establish a corporate trustee, it is best practice to establish a new corporate trustee, rather than use an existing company. Note a ‘special purpose company’ can be used as the trustee of the fund. One advantage of using a special purpose company is that it qualifies for a reduced annual review fee (conditions apply).
Not everyone can be a trustee or a director of a company that is the trustee of the fund. There is a requirement for the trustee to be 18 years of age or older and be able to manage their affairs – that is, to have full mental capacity. Refer here for a discussion of trustee eligibility.
Checklist: Appointment of trustee
Complete the following:
| Step | Description |
|---|---|
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Step 1 |
Ensure the new member consents in writing before being appointed as |
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Step 2 |
Appoint them as a trustee (or director of the corporate trustee). |
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Step 3 |
They must sign the trustee declaration stating that they understand their |