Adding a New Member Under 18 (Minor) to an established SMSF

Keywords: minor member, under 18 member, underage member, established SMSF new member

Question

As the SMSF Member Application Form does not allow for members under 18 years of age, how can I add a member who is under 18 years of age? 

Answer

Complete the Trustee Consent and Member Application form by adding the minor as a member but enter the Minor's Date of Birth as being over 18 years of age (given the system's restrictions, doing so will allow you to proceed in the document form). 

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Note if you are ordering printing - please add a note within the "Special Instructions" section, stating that manual changes are being made to the document. This will notify the Printing Team to temporarily halt the Printing Job until the manual amendment has been made.

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Once the form has been finalised and paid for, you will need to email legal@nowinfinity.com.au with:

  • the name of the SMSF;
  • details relating to the type of Trustee structure in place (i.e. corporate with multiple directors, sole director, individual trustees);
  • the name of the minor;
  • the minor's correct date of birth;
  • full name of the parent or guardian who will be acting as trustee/director on behalf of the minor.

Our Technical Compliance team will then make the amendment manually and inform you when this has been completed.

 

Note 1: If the guardian, who will act as trustee on behalf of the minor, is not an existing member/trustee of the Fund you will need to use our "Change of Trustee" document form to appoint that guardian as a trustee of the Fund. Refer to this article for instructions: How to change Trustee of an SMSF?

Note 2: Once the minor turns 18 there is also an obligation to add that individual as a trustee/director of the corporate trustee. This can be done via the 484 process. 

Note 3: A parent/guardian will need to sign the member application on the minor's behalf and provide proof of parent or legal guardianship to the trustee of the Fund with the signed and dated application form. This will need to be completed outside of the NowInfinity platform. 

Note 4: The Trustees should review and attend to any relevant changes to the ATO form. 

 

Further information

Adding a Member to a Self Managed Superannuation Fund (SMSF)

Adding a New Member Under 18 (Minor) when Establishing a New SMSF

 

Disclaimer: You acknowledge and agree that our Services and Materials do not constitute or contain personal or general advice for the purpose of the Corporations Act 2001 (Cth) and that we, our employees and advisers do not offer any legal, accounting, tax or other professional advice or services in connection with the provision of our Services and any Materials.

 

 

 

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