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.