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Admission of member

DescriptionSoftcopy *
Admission of Member to an SMSF$250 (per member admitted)
* Add $75 for hard copy

What’s in our package?

The following is included in this package:

  • member application and consent form
  • PDS for the member (reflective of DBA trust deed)
  • trustee minutes
  • ATO notification form
  • explanatory letter

Special procedures and rules apply when admitting a member to an SMSF. In particular, 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.

To ease the compliance burden of admitting members to an SMSF, DBA has prepared this special package.

Individual Trustee:

In addition, if the fund has individual trustees, a change of trustee will also be required. It should be noted that the trustee structure must be amended before admitting a new member. Click here if you require a change of trustee.

If you 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 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

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.

To learn more about the merits of a corporate trustee instead of individual trustees, click here.

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.

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