When adding a new member to your SMSF, we will provide SMSF trustees the following services to ensure that member can be added properly.
Based on SIS Act, the new member must be the trustee of your SMSF. If the trustee is a company, the new member needs to be appointed as the director the company. Normally you also need to allocate same number of the shares to the new member for the corporate trustee.
Trustees must act promptly and send us the following documents:
Please note if your SMSF has individual trustees, all the trustees need to update the trustee name for all the assets held by your SMSF.
Normally it takes 2 weeks to get the new member detailes updated with ATO. After that, the new member can start transferring their member balance to the SMSF from retail/industry super funds. Also the new member can advise his/her employer to pay employer contributions (SGC) to the SMSF.