In this type of account only has one account holder, who is responsible for managing the everything relates to the account. To open this type of account, the minimum required age for the account holder is 18 years old, otherwise it requires parents’ or guardian’s approval.
This type of account shared by two or more authorised individuals. In here anyone named on the account have equal access to funds, assets, trading platform and share equal responsibility for any fees or charges incurred. If any trading conducted under joint account, then all parties will take accountability for the outcome of the transaction.
It’s a legal entity created by individuals, shareholders with the purpose of generating profit through business activity. The shareholders of the company can limit their personal liability and are generally not liable for the company’s debts. A company must be registered with Australian Securities and Investments Commission and its officers and directors must comply with their legal obligations under the Corporations Act 2001 (Cth).
A self-managed super fund (SMSF) is managed by its members for their benefit. The SMSF can have up to four members and they are responsible for the fund’s decisions and for complying with the super and tax laws. If super fund lose money through theft or fraud, the members won’t have access to any special compensation schemes or to the Superannuation Complaints Tribunal.
It is a legal arrangement where the funds and assets are held by a third party which is the trustee, for the benefit of another party which is the beneficiary. The paramount responsibility of the trustee is the fiduciary duty to consider the best interests of the beneficiaries at all times. An individual or a group can be a beneficiary and the ownership of the assets must be transferred to the trust.
Subject to the terms stipulated on the agreement that states otherwise, the trustee has the authority to make changes including to transfer assets, close the account, open a sub-account, and name additional beneficiaries or another successor trustee.