I am looking at doing a SMSF for myself through e-super and would like some more info about the role and purpose of the trustees. It says on the site that you must have a minimum of 2 trustees, but here is my problem. I am divorced and am by myself atm so unless I create a company to control and manage my fund that way ($500 set up cost) my only other option would be to get my mother or sister to be the other trustee. If I get a family member to do this, does anyone know the process of how this all works. I know e-super set up a ANZ account for you to trade from, but can only my super be rolled into the account and for example my sisters super carries on like normal in her choosen super fund (i.e sunsuper). If this is the case, what is the role of the 2nd trustee? What do they have to do when im buying physical metal, they obviously dont have a say on how or what I spend my super on, what is the whole point of them even being a trustee? Any info will be much appricated, thanks in advance. SS77
IMO you are better off with a Corporate Trustee ie a company. The other trustee DOES have a say in how you spend your super, since all the trustees are required to ensure the funds are correctly invested. In practical terms your sister would probably go along with what you want (assuming a good relationship between you) but be aware she could insist on certain asset allocations which differ from yours in order to fulfil what she perceives to be her duties as a trustee. If you have a sole-director corporate trustee however then it's all down to you alone. I've also sent you a PM about the SEQ SMSF group which may be of interest to you.
I love how this site has people willing to help each other with friendly help tips and advice.....Jolly good show old chaps..
