ADDING NEW MEMBER TO CORPORATE TRUSTEE SUPERFUND

Discussion in 'Superannuation' started by Guest, May 5, 2011.

  1. Guest

    Guest Guest

    Just went through this process so ill just go through an ultra brief summary of what we did.

    1.applied on line to ASIC to add a new director to the Company trustee(you will need your ASIC company key#) On your ASIC company registration docs)... 30 min
    2.Write up a dated in house company letter officially recognising the addition of the new Director with all details of the new director.. DOB, Name,Address,phone #.Managing director to sign letter and Company Stamp it. . 1 hour
    3. Draft another in house company letter assigning one Director a Governing director with powers over all other directors and the powers assigned to him originally as a sole Director. 1 hour
    4.Draft an in house letter of application to the S.M.S.F by the newly joining member to ask to join the SMSF.. 1 hour
    5.Draft an in house letter from the Superfund accepting the new members application
    6.Take a copy of the SMSF Deed to a Solicitor with the details of the New member so the SMSF Deed can be altered to include the new Member..There is no change to the actual Trustee as the Company remains the Trustee as in the original Deed.1 hour
    7.To rollover the new members Super entitlements to your own SMSF,the New members old Super fund will request the following details
    a)Certified copy of the Letter of compliance or original on Australian Tax office letter head
    b)Original certified documentation confirming that you are a member and Trustee of the Self Managed Superannuation Fund.
    c)Original Certified Copy of Identification
    ..Certified copies of Documentation can be made by photocopying your original documents and taking both the original and your copy to a justice of the peace..(A police station,Chemist,some doctors) and having them sight the original wherein they will stamp the copy and sign it off dated as a true authentic copy.
    d)Also don't forget to provide bank details of the SMSF to your old superfund so they have somewhere to transfer the rollover money into.
    e)Have all your new super payment information(bank acc#,name of superfund available for your employer to make the correct payments into) 4 hours

    If i forgot anything let me know,hope this helps a little bit for anyone going thru process.

    Good luck

    REDBACK
     
  2. jorgon

    jorgon New Member

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    Hi Redback

    Don't forget that the new director of the corporate trustee must sign the ATO's trustees declaration (form NAT 71089), and this must be witnessed.
    This must be done within 21 days of the new trustee being appointed, or in your case the new director being appointed.
    The form is not sent to the ATO, it must simply be kept on the file of the SMSF.
    It will be required by the auditor.

    And just to point out that you don't apply to the ASIC to add a director when a new member joins the fund.
    The process is that the new member applies to join the fund and the application is accepted by the corporate trustee (exactly how this is done depends on the trust deed).
    The law then requires that the new member becomes a director of the corporate trustee (unless the new member does not have the capacity to do so).
    Therefore the company appoints the new member as a director (exactly how this is done depends on the constitution of the company).
    And the ASIC is informed of the new appointment. This must be done within 28 days of the appointment.

    Also I don't understand why you needed to take the deed to a solicitor for amendment at all. The whole point of having a corporate trustee is that nothing needs to be amended as members join the fund or leave the fund. Did it need amendment because the trust deed named the members of the fund? If so, this is very odd where there is a corporate trustee. I much prefer having an entirely separate record of members of the fund.
     

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