To add a new member to a Self Managed Superannuation Fund (SMSF), complete the "Trustee Consent and Member Application" document form.
This produces the relevant ATO forms, consent form signed by the proposed member, and an application for membership.
There is an onus upon the Trustee of the Fund to ensure that the rules of the Fund are followed. They would also, for example, draft the accompanying minutes regarding the appointment of the new director/trustee as applies. The new member would also be notified that their application has been successful via letter or in a notice by the Trustee.
NOTE: when you add a new member to a Self Managed Superannuation Fund (SMSF), that new member must be appointed as a trustee or director of a corporate trustee.
To appoint the new member as a trustee, you may utilise our "Change of Trustee" document form (How to change the Trustee of an SMSF?). This will produce a Deed of Retirement/Appointment.
Please note that our document form/document takes the logic of "removing" all existing/continuing trustees and then "re-appointing" them along with any new trustee/s.
Alternatively, to appoint the new member as a Director of the Corporate Trustee, follow the 484 process.
If the members of an SMSF have changed, there is no requirement to "update" the Deed by a Deed of Variation. This point is expanded in this article: SMSF Deed of Variation.
Note: As always, refer to the rules of your Fund when making any changes and consider legal review by a solicitor where you are not comfortable with understanding/interpreting the Deed or filling out our interview forms. If you would like to be referred to our legal services provider, for assistance on a fee-for-service basis, contact us at email@example.com
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