Keywords: minor member, under 18 member, underage, child, SMSF deed of establishment
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Note If you intend to establish both the SMSF Deed of Establishment and the Corporate Trustee, you will need to establish the Special Purpose Company first and then the SMSF, separately (i.e. do not use the 'SMSF Establishment with Special Purpose Corporate Trustee' service as it would transmit data, relating to the minor member, to ASIC automatically). Complete the SMSF Special Purpose Company document form (without any minors), and then use the 'SMSF Deed of Establishment' service as below. |
Fill in the SMSF Deed of Establishment document form as follows:
Step 1: Enter in the details of the Fund
For example, if the Fund is to have 1 adult Member and 1 minor Member it would be a 2 Members Fund.
Step 2: Enter in the details of the SMSF Trustee
If you have completed the SMSF Special Purpose Company document form (and therefore established a Corporate Trustee for this SMSF), you would enter in the details of that Special Purpose Company here. Otherwise, enter in the details of all individual Trustees.
You will need to enter in the minor's details as either a Director of the Corporate Trustee or an individual Trustee in this tab.
To clarify, you are inputting the minor's details only to bypass our system's restrictions and proceed with the document form. The minor will not act as a Director of the Special Purpose Company (and they should not have been entered in as a Director when you filled out the SMSF Special Purpose Company document form) nor as an individual Trustee, as they are unable to hold either position whilst under a legal disability (being underage) - rather, a parent or guardian will act on their behalf.
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 is to be completed outside of the NowInfinity platform, as the platform does not support someone signing on behalf of another individual.
Step 3 Fill in Member Details
Complete this tab by adding the details of each Member, including the minor.
You will need to enter the Minor's Date of Birth as being over 18 years of age in order to bypass the system's restrictions.
Step 4 Legal Review (optional)
Wherever you are not 100% confident, or not engaging your own solicitor for their advice or review, it is recommended that you add on legal review to your order.
NowInfinity's Technical Compliance Team assists with making the relevant adjustments to the documents, in view of the minor Member scenario. However, no form of legal review is carried out by the Technical Compliance Team as NowInfinity do not provide legal services. If you require legal review, our legal services provider can assist and you can request this by making a 'legal review tier' selection above.
Further information on legal review: Client Legal Review FAQs
Step 5 Presentation/Printing (Optional)
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 our Printing Team to temporarily halt the Printing Job until the manual amendment has been made.
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: 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.
Another option is to establish the SMSF first, after establishment the minors can be added after. This will then allow the parent to act on behalf of the minor.
To view article, click here:
Adding a New Member Under 18 (Minor) to an established SMSF
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