Overview
Patricia Holdings simplifies the process of setting up a Corporate Trustee for SMSF. This company registration can be ordered online or by completing a manual order form and returning it to us by email.
An SMSF trustee company is a special purpose company registered with ASIC, and its sole purpose is to act as the trustee of a regulated superannuation fund. A reduced rate on the ASIC annual fee applies to this type of company as long as the constitution:
- prohibits the distribution of the company's income or property to its members; and
- specifies that the company's sole purpose is to act as the trustee of a self-managed superannuation fund (SMSF) within the meaning of section 19 of the Superannuation Industry (Supervision) Act 1993.
SMSFs are, as the name suggests, self-managed. This means that all eligible members of the SMSF must be appointed as directors of the SMSF corporate trustee. There is no requirement on who should be the members of the SMSF trustee company although best practice would be that all directors are also members.
If you would like to order an SMSF package which includesincludes setting up a SMSF corporate trustee and the SMSF trust deed for a discounted fee, you can order the package here.
What’s included?
- ASIC Certificate of Registration
- A complete and tailored suite of documents completing your company register, including:
- A SMSF Trustee Company Constitution
- Members’ resolution on company registration
- Directors’ resolution on company registration
- Register of directors, secretaries & members
- Officeholder consents
- Members consents and applications
- Letter to the ATO appointing a public officer
- Allotment journal
- Share Certificates
- A helpful instruction letter on starting your superannuation trustee company
We also provide blank registers (including option & debenture holders) as well as meeting and consent templates to help you keep your company register up to date.
If you order our full-service courier delivered product you will receive your documents bound in a professional folder which includes indexed tabs separating the documents and 2 copies of your constitution (1 bound and 1 hole punched).
Pricing
| Online (Incl ASIC fee $597 & GST) | Offline (Incl ASIC fee $597 & GST) | |
|---|---|---|
PDF email delivery
|
$784 |
$916 |
Full Service Courier delivery
|
$938 |
$1,070 |
Optional Extras
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Delivery Information
How long does it take to register a SMSF Trustee Company?
Normally, ASIC will issue the ACN and Certificate of Registration within a few minutes.
How long until I receive my company registration documents?
Through our website, these companies can be incorporated 24 hours a day, 7 days a week. Our "automatic” system typically incorporates a company via our direct link to ASIC registration and delivers the company register as a PDF by email in less than 10 minutes. If you would like us to manually review your company before incorporation, we aim to deliver your company registration documents by email within an hour of receipt of your order, during business hours.
We are able to deliver our full service couriered product to the Sydney metropolitan area within about 5 hours of receiving an order. Orders received before 12 midday are usually delivered the same day. Documents being sent to Brisbane and Melbourne will be sent by overnight courier or express post for next day delivery (order must be received by 2pm for delivery the next day), and within a couple of days to Perth and regional areas.
SMSF Trustee FAQs
What would be the point of having different classes of shares in a SMSF trustee company?
A company can issue different classes of shares with the rights and restrictions attached to them relating to distributions, voting and receiving notice of meetings, distinguishing it from other classes. A SMSF trustee company has several restrictions on it though which we believe would make issuing different classes of shares futile.
The SMSF corporate trustee is not only prohibited from distributing its income or property to its members, but also only permitted to act as a trustee of a regulated superannuation fund, meaning it wouldn’t be holding any assets for the benefit of its members or deriving any income anyway. Decisions made by the company on behalf of the super fund are made by the directors of the SMSF corporate trustee in accordance with the Superannuation Industry (Supervision) Act 1993.
It is for these reasons that the Patricia Holdings SMSF Trustee company constitution only allows for ordinary or preference class shares to be issued at the time of company registration. There is, however, a clause in the constitution that allows members to issue new classes of shares and vary their rights by way of special resolution as they see fit.
What is a Self-Managed Super Fund (SMSF)?
A self-managed superannuation fund (SMSF) is a trust structure that provides benefits to its members upon their retirement. The difference between a SMSF and other superannuation funds is that they are, as the name suggests, controlled by the members of the fund. That means the members are also the trustees running the fund for their own benefit. In the case of a corporate trustee, all eligible members of the fund must also be directors of the trustee company.
What happens to the assets of a SMSF Trustee Company on a winding-up?
All assets held by the corporate trustee are being held for the benefit of the super fund. This means that on a deregistration of the company, the assets would either be distributed to the members at their retirement, or they would be transferred over to a new trustee – this transfer could only be to a different trustee company, to the members in their capacity as individual trustees, or, to an industry super fund.
Can the SMSF Trustee Company’s capital and profits be distributed to the members?
This special purpose company may only act in the capacity of trustee of the SMSF. Any assets the company holds must be held for the benefit of the members of the super fund. The capital and profits of a super trustee company cannot be distributed to the members. This should be written in the company’s constitution in order for the company to be eligible for ASIC’s concessional annual review fees.
Can I use my own constitution to register a SMSF Trustee Company with Patricia Holdings?
Of course you can. To meet ASIC’s eligibility requirements of a special purpose superannuation trustee company and take advantage of the reduced ASIC annual review fee, you will need to make sure that the constitution:
- prohibits distribution of the company’s income or property to its members; and
- specifies that the sole purpose of the company is to act as the trustee of a regulated superannuation fund within the meaning of section 19 of the Superannuation Industry (Supervision) Act 1993.
Is a SMSF Trustee Company considered an ASIC special purpose company?
Yes, the Patricia Holdings’ SMSF Trustee Company setup is considered a special purpose company registration according to ASIC and is eligible for the reduced ASIC annual review fee.
The legal requirements for a special purpose superannuation trustee company are set out in section 3(f) of the Corporations (Review Fees) Regulations 2003 under the Corporations Act 2001 (Cth). The regulations state that the constitution:
- prohibits distribution of the company’s income or property to its members; and
- specifies that the sole purpose of the company is to act as the trustee of a SMSF within the meaning of section 19 of the Superannuation Industry (Supervision) Act 1993.
The Patricia Holdings’ SMSF Trustee company Constitution complies with these regulations.
