What steps can I take to change the Trustee of an SMSF?
Carefully review the existing deed or any amendments made to the original deed to identify who has the power to change the Trustee:
- Check for the parties responsible for the power to appoint and remove the Trustees
- Clauses that facilitate the appointment and removal of Trustees
- In cases where the deed is out of date and does not have clear power to undertake a change of Trustee, updating the deed first is advisable to ensure there is clear and appropriate power.
- If you are adding one or more Members at or around the same time as changing the Trustee you should consider the order of the documents being signed before completing the Member details.
- Input the correct data in the interview form to generate the SMSF change of Trustee.
- Notify changes to the government bodies ATO (submit ATO Trust declaration & ATO Change of Details generated with the deed) & ASIC (if necessary).
What documents are generated as part of the COT Service?
The NowInfinity document pack comprises:
- The Deed of Change of Trustee;
- SMSF Product Disclosure Statement;
- ATO Change of Details for Superannuation Entities form (NAT 3036);
- ATO Trustee Declaration form (NAT 71089).
For an overview of the information that you will need to complete this form, see here.
Who is required to sign the NowInfinity Change of Trustee document?
The current Trustee, new Trustee, Members and any other parties whose details you enter will be required to sign the document generated. If a party is unable or unwilling to sign then this service should not be used.
What is the order of documents when adding a Member to the Fund and changing the Trustee of the Fund?
Section 17A of the Superannuation Industry (Supervision) Act 1993 states that in case of a Trustee being an individual, the new Member is added as the SMSF Trustee first and immediately after being admitted as a Member of the Fund. If the Trustee is a Company, the person should be appointed as the director for the Trustee Company by lodging form 484 with ASIC and then proceed to add them as a Member of the Trust.
Kindly be aware that any information provided above is of a general nature only and should not be construed as legal advice. It is essential to evaluate any information in the context of your unique circumstances or consult with a qualified professional for personalised guidance. To help make things easier we can facilitate a referral to our external legal providers. This can be done by requesting a legal review when ordering the documents, however, if this option isn’t available for this service, email email@example.com.