|Admission of a Conditional Member to an SMSF||POA|
What’s in our package?
The following is included in DBA’s conditional membership package:
- member application and consent form
- PDS for the member (reflective of DBA Lawyers’ governing rules)
- trustee minutes and resolutions
- trustee declaration forms
- covering 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 achieve maximum flexibility and to ease the compliance burden and potential risks associated with admitting members to an SMSF unconditionally, DBA Lawyers has prepared this special package of documents to admit a member on the basis of certain mandatory exit conditions.
Having a DBA Lawyers’ SMSF deed is a pre-requisite of having conditional members. If you do not have a DBA Lawyers’ SMSF deed, click here.
When admitting a new member to an SMSF, DBA Lawyers recommends, as a pre-requisite, you have a corporate trustee since there are many advantages of a corporate trustee over individual trustees, especially when admitting a conditional member.
Click here if you require a change of trustee.