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Description | Softcopy * |
Admission of Member to an SMSF | $300 (per member admitted) |
* Additional fees for hardcopy documents apply. Click here
Pricing includes GST
Unless documents are ordered online at https://online.dbalawyers.com.au/login an extra fee applies per suite of documents. See here
NB: To order online, please log in to our online ordering portal and select the option titled 'SMSF Change of Member (Admission and/or Cessation of Member)' |
When admitting a member to an SMSF, special procedures and rules apply including that each member must generally be a trustee or a director of a trustee company. Further, a disqualified person cannot be admitted as a member or trustee or as a director of a trustee company. Generally, a disqualified person is someone who has a conviction involving dishonesty and/or is a bankrupt.
This documentation suite is designed to ease the compliance burden of admitting members to an SMSF.
What’s included
- Covering letter
- Trustee resolutions
- Member application and consent form
- Product disclosure statement (PDS) for each member (including binding death benefit nomination form)
Adding a new member – Considerations?
Before you submit an admission of member form, please make sure you read and review this article (click here) which contains a detailed discussion on the advantages and disadvantages of adding a member to an SMSF as well as other important considerations.
Individual Trustee
If a fund has individual trustees; a change of trustee will also be required. The trustee structure must be amended before admitting a new member. For more information on the change of trustee, click here.
If you are admitting a new member to an SMSF, you should also consider the advantages of a corporate trustee over individual trustees. The long-term benefits of a company generally far outweigh the up-front cost of incorporation. Some of the main advantages include asset protection; continuous succession; and far greater administrative ease. For more information click here.
DBA can assist in providing quality company documentation to establish corporate trustees of SMSFs. We also provide documentation to change the trustee of an SMSF.
Corporate Trustee
If the fund has a corporate trustee, additional documentation is required to admit the person as a director.
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.
Related articles:
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