Changing SMSF trustee needs to be done properly to avoid any compliance risks and future unnecessary costs.
Change of SMSF trustee
You can change your SMSF trustee from individuals to a corporate trustee or vice versa. Our services include the following:
- Update the trust deed and send the trustees a new deed
- Prepare all necessary minutes, including Resignation or Appointment of Trustees etc
- Provide you the ATO Trustee Declaration Form
- Notify the ATO or ASIC of the new changes
- Update the associate details with the ABR
- Advise you the procedure to change details with investment registries or banks
Steps for changing SMSF trustees
SMSF trustees have to follow the steps as below to correctly change the trustees to avoid compliance issues:
- Sign and date the new deed & all relative minutes and documents
- New trustee has to sign the ATO Trustee Declaration Form
- New trustee has to sign Consent to Act as Trustee minute
- Trustees must send the signed new deed to all share/investment registries/banks etc to update the trustee name
Costs for changing SMSF trustee
- from individual trustees to a new corporate trustee $1,210. It includes the new company setup costs, an amended deed and all necessary minutes and forms.
- from individual trustees to an existing corporate trustee: $880. It includes an amended deed and all necessary minutes and forms.
- from a corporate trustee to individual trustees $550. It includes the company winding up costs, an amended deed and all necessary minutes and forms.
- from individual trustee to another individual trustee. $550 . It includes an amended deed, rollover statements and all necessary minutes and forms
SMSF trustees need to be aware that failure to change the trustee name with all share/investment registries/banks in a reasonable period of time will breach the SISA. Therefore, we suggest SMSF trustees to seek professional help in regards to the trustee change.