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Change of Trustee

DescriptionSoftcopy *
Change of Trustee of an SMSF$400
Offline orders: Unless documents are ordered online at DBA website an extra fee applies per suit of documents. To download the offline order form click here

* Additional fees for hardcopy documents apply. Click here
Pricing includes GST
Unless documents are ordered online at an extra fee applies per suite of documents. See here

SMSF Appointment and Resignation of Trustee

The appointment or resignation of a trustee must be carefully documented to ensure there are no adverse risks or penalties. Previously, many people considered a change of trustee a simple exercise that was done by trustee minutes. However, the relevant provisions of the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA) have increased the complexity.

DBA strongly recommends that a change of trustee be documented by way of a deed. There are various conditions that must be satisfied before admitting a trustee and certain documents that must be completed, for example:

  • complying with the requirements in the SMSF’s trust deed;
  • obtaining relevant consents; and
  • completing relevant ATO declarations and notifications.

If a person is being admitted as a member of an SMSF that has individual trustees, that person must generally be appointed as a trustee immediately before being admitted as a member to comply with the member/trustee rules in s 17A of the SISA. If the SMSF has a corporate trustee, the person must generally be appointed as a director of the corporate trustee immediately before being admitted as a member to comply with s 17A.

DBA’s change of trustee deed includes a release of the existing trustee(s) from any legal risks after their resignation. The new trustee(s) are only liable for legal issues arising after their date of appointment.

What’s included

  • Covering letter and completion checklist
  • Trustee resolutions
  • Deeds of change of trustee
  • Links to relevant ATO forms
  • Notifications to relevant parties
  • Change of Trustee Memo

Properly prepared change of trustee documentation can be critical in disputes arising upon divorce, ATO audit or death of a trustee/member. This was illustrated in a number of cases including Katz v Grossman [2005] NSWSC 934, Moss Super Pty Ltd v Hayne (Photography Management Services Pty Ltd) [2008] VSC 158 and Perry v Nicholson [2017] QSC 163 where the validity of the appointment of trustees was challenged.

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If you are a new trustee and would like more information on keeping comprehensive trustee minutes and resolutions, please refer to our Trustee Compliance Kit.

Corporate Trustees of SMSFs

If you are changing trustees, you should consider the many advantages of a corporate trustee over individual trustees. Some of the main advantages include asset protection; continuous succession; and far greater administrative ease. For more information click here.

For more information on how to order a new company from DBA, click here.

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