AngloSaxon
Active Member
I'm after some advice from anyone who has changed trustee type.
I'm in the process of working through the processes to finally undo what I now consider a mistake and go with the Corporate Trustee I should have had all along for my family SMSF.
In addition to the obvious or should I say expected costs of establishing the company, annual ASIC fee and trust update, I'm unhappy to learn that I may face some fees that do little other than in my view waste my money.
For example the shares the fund holds, I read online that Commsec may charge about $53 per company held to transfer the name changes. That or delist them from CHESS and go through the share registries who'll apparently charge $50 to change the name for all the shares they register. Then re-list to CHESS and it'll cost much the same. Since some of the shares the fund owns aren't in a position to sell and some are micro caps that are under water (looking at you CCU) it just seems like a huge expense to incur at once, or an annoying capital loss to sell the shares and avoid the name change costs.
In terms of bank accounts I know the banks may want to see the new or updated deed and take copies but will they, as I read on one website, want to close and reopen the accounts in the new name rather than rename the accounts. A hassle for employer contributions coming in. Does anyone have any experience to share.
In terms of audits, if I don't change the names over within a reasonable amount of time, I presume the auditor will have to report that down the track, bringing unwelcome ATO attention.
Has anyone here gone through the same process and have anything to share.
I'm in the process of working through the processes to finally undo what I now consider a mistake and go with the Corporate Trustee I should have had all along for my family SMSF.
In addition to the obvious or should I say expected costs of establishing the company, annual ASIC fee and trust update, I'm unhappy to learn that I may face some fees that do little other than in my view waste my money.
For example the shares the fund holds, I read online that Commsec may charge about $53 per company held to transfer the name changes. That or delist them from CHESS and go through the share registries who'll apparently charge $50 to change the name for all the shares they register. Then re-list to CHESS and it'll cost much the same. Since some of the shares the fund owns aren't in a position to sell and some are micro caps that are under water (looking at you CCU) it just seems like a huge expense to incur at once, or an annoying capital loss to sell the shares and avoid the name change costs.
In terms of bank accounts I know the banks may want to see the new or updated deed and take copies but will they, as I read on one website, want to close and reopen the accounts in the new name rather than rename the accounts. A hassle for employer contributions coming in. Does anyone have any experience to share.
In terms of audits, if I don't change the names over within a reasonable amount of time, I presume the auditor will have to report that down the track, bringing unwelcome ATO attention.
Has anyone here gone through the same process and have anything to share.