|Admission of Member to an SMSF||$250 (per member admitted)|
|* Add $100 for hard copy
Pricing includes GST
Unless documents are ordered online at https://online.dbalawyers.com.au/login an additional $50 fee applies per suite of documents.
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.
- Covering letter
- Trustee resolutions
- Member application and consent form
- Product disclosure statement (PDS) for each member (including binding death benefit nomination form)
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.
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.