Changing Trustees
Joy Kulavong
2 years ago • 5 min read
It is becoming more and more common for SMSF trustees who have originally established their SMSF with an individual trustee structure to review and make the move to a corporate structure.
For some it might be for better protection and ease of administration when something changes, or due to an event occurring.
The events that may occur could be wanting to add new members to the SMSF, an existing member dies, relationship breakdowns or members losing capacity making them unable to be a trustee of their SMSF.
Changing to a corporate trustee also allows for the SMSF to continue with a single member.
There is also better transparency and ease with keeping personal and super assets separate.
As a general rule the process to change the trustee structure of your SMSF will involve
Review the trust deed
Establish a special purpose company
Organise the required documentation
Update SMSF investments to the new legal structure
Advise ATO of the changes
