Common reasons for changing to a Corporate Trustee include:
In most situations it will be better for an SMSF to have a Corporate Trustee, rather than Individual Trustees. The major disadvantage of a corporate trustee is the up-front cost of establishing the company. It should be noted that the ongoing costs of having a corporate trustee are very low.
In general, the longer-term benefits of having a company outweigh the extra costs.
The following table looks at the advantages and disadvantages of a corporate trustee over an individual trustee:
How safe is your superannuation? Can a super fund go bankrupt? Is my superannuation Government guaranteed?
To have the retirement of your dreams, you must plan ahead. The bonus is, the sooner you start thinking about your retirement life, the better opportunity you have of making those dreams a reality.