Removing an SMSF member is not an easy task, but iCare Super can help trustees ensure that the process is carried out correctly.
Steps for removing a SMSF member:
- update the trust deed;
- prepare all minutes for the trustees;
- update ASIC or ATO record;
- lodge the change of superannuation entities details form with ATO and ABR;
- calculate exit member’s balance to the current date;
- prepare a rollover statement for the exit member;
- notify SMSF trustee of the payout figure for the exit member;
- report TBAR if necessary.
Please note that iCare Super provides all the necessary documents and services for the above steps.
For trustees and members, the steps for removing a member include:
- Signing the new trust deed we prepared;
- Signing all the minutes that we prepared;
- Emailing or mailing us all SMSF transaction documents up to the current date;
- Paying the exit member’s balance to their retail/industry super fund or other fund;
- update the asset register, share registries, bank accounts or any other assets’ ownership if the SMSF trustees are individuals and not a company.
Costs for calculating exit member’s balance:
- by quotation. Normally the costs are from $440 to $880.
Costs for preparing the paper work to remove a member:
- $550 to amend the trust deed, prepare the RBS, update details with ABR, ATO & ASIC.
If your SMSF has individual trustees, the exit member also needs to resign as the trustee of your SMSF. Therefore, the remaining trustees need to update the trustee name for all the assets held by your SMSF.
If you have any questions about removing a member, please don’t hesitate to contact us. Our services are designed to help SMSF trustees make the process as smooth and stress-free as possible.