Superfund Trustees

[Jon]

can anyone tell me what is the benefit having an company as a trustee for a superfund over an individual as a trustee ?

 

[MattR]

For a one member fund you need either two individual trustees or an corporate trustee with the member being the sole director.

 

[Raddles]

Hi there
one benefit is if an individual trustee dies - you have to change all the title deeds etc - with a company you wouldn't have that issue - as the company name will still be the same - just the shareholders/ directors change
thanks

 

[Jon]

Hi
thanks for comments. Is it a expensive to change the titles for all the deed.

 

[alexlee]

Hi
thanks for comments. Is it a expensive to change the titles for all the deed.

Does this involve stamp duty?
Alex

 

[Raddles]

Hi there
normally there is no stamp duty - because you do a statutory declaration to the office of state revenue stating you are just either appointing a new trustee or notifying a death or whatever the situation is -
as for the money on titles - yes there is a cost at the titles office to change particulars on title - but it is still not a substantial cost unless there is a lot of titles to change.
I suppose the costs will start to mount up because you will need a conveyancer or solicitor to assist you with the process.
thanks