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.
Steps for adding a new member:
Please note the above documents and services will be provided by iCare Super after receiving the confirmation to add a new member from SMSF trustees.
Steps for SMSF members and trustees for adding a new member:
Costs for adding a new member:
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. Failure to update the name of all assets ownership will breach the SIS Act.
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.