Selfwealth supports a range of account types to suit individual investors, families, businesses, and self-managed super funds. The table below provides an overview of each account type available on the platform.
| Account Type | Description | More Information |
|---|---|---|
| Individual | A single account held in one person's name. | |
| Joint | A shared account held between two or more people. | |
| Minor | For investors under 18, managed by a parent or guardian. | See: Minor accounts FAQ |
| Company | An account held in the name of a registered company. | |
| Trust | Family trusts, discretionary trusts, and testamentary trusts. | See below |
| Self Managed Super Fund (SMSF) | For trustees managing their own superannuation fund. | See below |
Not sure which account type is right for you? Contact our support team at support@selfwealth.com.au and we'll help you get started.
Trusts and SMSFs explained
If you are opening a Trust or SMSF account, the following information will help you understand the key terms and structure.
Unregulated trusts
An unregulated trust is one that is not overseen by a government regulatory body. This is standard for most family and discretionary trusts. It does not mean the trust operates without legal obligations. Common examples include family trusts, discretionary trusts, and testamentary trusts.
Regulated trusts
A regulated trust is subject to the oversight of an Australian regulatory body. Self Managed Super Funds (SMSFs) are the most common example, falling under the supervision of the Australian Taxation Office (ATO).
Individual and Corporate Trustees
All trusts and SMSFs require a trustee, the person or entity responsible for managing the trust in accordance with the trust deed and in the best interests of its beneficiaries.
Individual Trustee
One or more individuals who manage the trust personally, without a company structure. SMSFs can have up to four individual trustees. Each trustee must play an active role in managing the trust and comply with their duties under the trust deed.
Corporate Trustee
A company that acts as trustee on behalf of the trust's beneficiaries. The directors of the company are responsible for managing the trust and ensuring compliance with the trust deed.
Please note: Trusts are treated as separate entities for tax purposes. Each trust account on Selfwealth is opened and managed independently.