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Incorporation of trustee company

Discussion in 'Accounting, Tax & Legal' started by Tina B, 3rd Oct, 2008.

  1. Tina B

    Tina B New Member

    Joined:
    3rd Oct, 2008
    Posts:
    1
    Location:
    Melbourne, VIC
    Hello all,

    1. I was in the process of incorporating online a corporate trustee for my discretionary family trust. I was advised that I need to specifically incorporate the company as a "Trustee" company.

    Is there any difference between a trustee company and a regular company vis-a-vis online incorporation process? Even on Form 201 I have not noticed any specific place where I need to mention that the company to be incorporated is a "trustee" company. There is only mention of self managed super funds.

    2. I am aware that a "Trustee" company of a self managed super fund is a special pupose company. Are corporate trustees of discretionary family trusts special purpose companies?

    Thank you in advance for your help..
     
  2. swiltshire

    swiltshire New Member

    Joined:
    3rd Oct, 2008
    Posts:
    1
    Location:
    Sydney, Australia
    Although a special purpose trustee company (aka corporate trustee, or trustee company) sounds like it could be used for a family, unit or other type of trust, it actually can only be used as an SMSF corporate trustee.

    Therefore unfortunately you have to purchase a regular company for your family trust.
     
  3. NickM

    NickM Co-founder Staff Member

    Joined:
    20th Jun, 2005
    Posts:
    321
    Location:
    Sydney
    Yes Tina Swiltshire is correct.
    A Sole purpose Trustee company for an SMSF receives the benefit of a lower ASIC fee.