Yes, the Patricia Holdings Superannuation Trustee Company is considered a special purpose company according to ASIC and is eligible for the reduced annual review fee.
The legal requirements for a special purpose superannuation trustee company are set out in section 3(f) of the Corporations (Review Fees) Regulations 2003 under the Corporations Act 2001 (Cth). The regulations state that the constitution:
- prohibits distribution of the company’s income or property to its members; and
- specifies that the sole purpose of the company is to act as the trustee of a regulated superannuation fund within the meaning of section 19 of the Superannuation Industry (Supervision) Act 1993.
The Patricia Holdings Super Trustee Constitution complies with these regulations.