Can a Company Act as Trustee for a SMSF and a Discretionary Trust?

All assets of the trustee of the super fund must be kept separate from any other entity pursuant to section 52B(2)(d) of SISA 93.  There is an administrative fine, the auditor should have flagged it and potential non-compliance penalty taxes.  Having the same corporate trustee has in the past has led to expensive mistakes in this regard.  Further if someone sues the trustee of the discretionary trust, this will create problems for the SMSF, particularly if the deed only allows the trustee to change the trustee.

Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024