Conversion of Individual Trustee to a corporate trustee SMSF:
Converting individual trustees to corporate trustee is definitely not a simple process. In the process of conversion, change of trustee documentation is needed which is governed and controlled by trust deed as superannuation industry (SIS ACT). This conversion procedure is case sensitive as documentation is different from case to case depending on the terms and conditions of the trust deed.
Discretionary Trust:
When such kind of trust is set up, the settler will specify what the trustees are accountable to and outline their responsibilities. It is also a perfect form of protecting the asset and allocating trustees of whom one is confident or a beneficiary. However, to all this a law expert, financial advisor or a trust deed will help one to accomplish tax minimization by stretching their assets and hard earned money in lifetime.