🧾 Adding a New Member to Your SMSF – What You Need to Know

When adding a new member to your Self-Managed Super Fund (SMSF), iCare Super provides all the essential services to ensure the process is completed correctly and in compliance with ATO and SIS Act requirements.

✅ Trustee and Director Requirements

Under the SIS Act, a new member must also become a trustee of the SMSF.
If your SMSF has a corporate trustee, the new member must be appointed as a director of the company.

In most cases, the new director should also receive an equal number of shares in the corporate trustee company to maintain equal control.

📋 Information Required from the New Member

To begin the process, please provide the following details:

• Full name

• Date of birth

• Residential address

• Place of birth

• Tax File Number (TFN)

• Director ID (if the trustee is a company)

• A copy of driver licence or passport

🔧 Steps We Take to Add a New Member

Once we receive your confirmation, iCare Super will manage the following:

• Update your SMSF trust deed

• Prepare trustee minutes and resolutions

• Update records with ASIC and/or ATO

• Lodge the Change of Superannuation Entity Details Form with the ATO and ABR

✍️ What Trustees and the New Member Need to Do

To complete the addition of the new member, the following actions are required:

• Sign the updated trust deed

• Sign all prepared trustee minutes

• Complete and sign the ATO Trustee Declaration Form (mandatory for all new trustees)

💰 Cost of Adding a New SMSF Member

The fixed fee for adding a new member to your SMSF is $550 (GST Inclusive).

This fee covers:

• All required documentation

• Lodgement of forms

• ASIC, ABR and ATO updates

⚠️ Special Note for SMSFs with Individual Trustees

If your SMSF uses individual trustees (not a corporate trustee), you must update the ownership names on all SMSF-held assets, including:

• Bank accounts

• Property titles

• Shares

• Other investments

Failure to update asset ownership details may result in a breach of the SIS Act.

⏱️ How Long Does the Process Take?

It generally takes 1-2 days for the ATO to update the records.

After that, the new member can:

• Roll over their super balance from a retail or industry fund into the SMSF

• Provide the SMSF bank account details to their employer for Super Guarantee (SGC) contributions

📞 Ready to Add a New Member to Your SMSF?

Contact iCare Super today and let our team help you stay compliant, organised, and fully updated.