Changing Trustees Of An SMSF
There are number of reasons why the trustees of an SMSF are changed.
One of these is forced upon an SMSF when the trustees are individuals and one of them dies. Another reason can be when individual trustees want to be proactive, and rather than being faced with a lot of paperwork at a time in their life when they have lost their partner, preferred to form a company to take over as trustee of the SMSF.
This section of the SMSF survival centre takes trustees through the process of changing a trustee and the other administration work required.
In the section of the survival centre I will detail the following:
- when a new trustee of an SMSF needs to be appointed,
- the reasons why it is best to have a company acting as trustee for an SMSF,
- the process of changing trustees of an SMSF,
- what the ATO regards as best practice after a new trustee has been appointed, and
- what legally trustees need to do after appointing a new trustee and how time and money can be saved by not following the ATO requirements blindly.
To find out how to change the trustees of an SMSF, and also learn why the ATO”s requirement to change all investments into the name of the new trustee is not backed by legislation, become a member.