|Cessation of Member||$250 (per member ceasing)|
|* Add $75 for hard copy|
What’s in our package?
The following is included in this package:
- periodic statement
- exit disclosure statement
- trustee minutes
- explanatory letter
Special rules apply when a member exits an SMSF. In particular, the member must be provided with certain information in order to understand their benefit entitlements in the SMSF.
To ease the compliance burden when members exit an SMSF, DBA has prepared this special package.
In addition, if the fund has individual trustees, a change of trustee will also be required. The trustee structure should be amended after the cessation of member. Click here if you require a change of trustee.
If you are changing members in an SMSF, you should also consider the advantages of a corporate trustee over individual trustees. The long-term benefits of a company generally outweigh the up-front cost of incorporation. Some of the main advantages are:
- asset protection
- flexibility to pay benefits as pensions or lump sums
- greater administrative ease
To learn more about the merits of a corporate trustee instead of individual trustees, click here.
If the fund has a corporate trustee, additional documentation is required to resign the person as a director. We can assist with this documentation if required.
Significant penalties can be imposed if the trustee/member rules are not complied with. Accordingly, expert assistance should be obtained if there is any doubt.