Changing SMSF Trustee
Changing SMSF Trustee: A Complete Guide to Avoid Compliance Risks
Changing the trustee of your Self-Managed Super Fund (SMSF) is a critical process that must be done properly to prevent compliance issues and avoid unnecessary costs in the future.
How to Change an SMSF Trustee
Whether you’re switching from individual trustees to a corporate trustee, or vice versa, we offer comprehensive services to guide you through the process. Our SMSF trustee change services include:
- Updating the trust deed and issuing a new deed to the trustees
- Preparing all necessary minutes (Resignation or Appointment of Trustees, etc.)
- Providing the ATO Trustee Declaration Form
- Notifying the ATO or ASIC of trustee changes
- Updating associate details with the ABR
- Advising on the process for updating details with investment registries and banks
Steps for Changing SMSF Trustees
To change SMSF trustees without compliance risks, follow these steps:
- Sign and date the new trust deed and related documents
- New trustees must sign the ATO Trustee Declaration Form
- Sign the Consent to Act as Trustee minute
- Update the trustee name with all share registries, investment registries, and banks
Costs for Changing SMSF Trustee
The cost of changing SMSF trustees depends on the type of transition:
- From individual trustees to a new corporate trustee: $1,210 (includes new company setup, amended deed, and all necessary documents)
- From individual trustees to an existing corporate trustee: $880 (includes amended deed and all necessary documents)
- From a corporate trustee to individual trustees: $550 (includes company winding up, amended deed, and necessary documents)
- From one individual trustee to another: $550 (includes amended deed, rollover statements, and necessary documents)
Importance of Timely Trustee Updates
Failing to update the trustee name with all relevant share or investment registries and banks in a timely manner can lead to a breach of the Superannuation Industry (Supervision) Act (SISA). To ensure compliance, we recommend seeking professional assistance with your SMSF trustee changes.