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..
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.
Yes Tina Swiltshire is correct. A Sole purpose Trustee company for an SMSF receives the benefit of a lower ASIC fee.
