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I am auditing fund with a corporate trustee. There is only one member and he is the sole director . This company is used for other businesses also. The question is, is it compulsory this corporate trustee should always be classified as superannuation trustee ( sole purpose )? . There is no LRBA involved in this fund.
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I have a situation where the same company acts as corporate trustee for the SMSF and also acts for the family trust. One has to be very careful when heading up documents. The exact entity that the company is acting for as trustee must be clearly disclosed. It is even more important when it comes to a SMSF.
Qld land title office registers the corporate trustee atf, without naming the underlying trust and that could cause some confusion.