Changes in an SMSF that need careful handling for compliance
Some changes can have a large impact on your SMSF, making it important to keep Heffron, your SMSF administrator, or the ATO informed of major events. We can help you with changes to:
Corporate Trustee
The ATO must be told within 28 days if the fund appoints a new trustee (or new director of a corporate trustee. Heffron will handle all the statutory reporting for you as part of our ongoing administration service – but it's important you keep us up to date with any changes.
Alternate Director
A fund can nominate an alternate director of the company to act in place of an existing director for a period of time or when the existing director isn’t available. Again, there are important documents to implement this. Heffron can prepare them for you but it’s important you let us know before you make any changes.
Relationship Breakdown
When a relationship breaks down and superannuation balance(s) are to be split, obtaining a court order or superannuation agreement is just the start of the process.
In an SMSF, certain documents need to be prepared, and there a number of steps to follow to put the split in place and comply with the laws.
Let us know as soon as possible so we can make sure you understand how these work. In fact, talk to us before the court order or super agreement is finalised. Our technical specialists have a lot of experience with these and often simple tips when you’re still in the negotiation phase can make a big difference when it comes to optimising tax and making sure both parties get the result they were expecting.
Change of Company Name
Heffron arranges the preparation of the documents for the change of company name. The legal documentation will be prepared in conjunction with a specialist lawyer from Cooper Grace Ward Lawyers.
Fund Name
Different trust deeds have different rules for changing an SMSF's name. We’ll check those and get the right documents in place so you can be confident the change is legal. Sometimes it makes sense to change the fund’s trust deed at the same time – we can advise you on that if necessary.
Others
Sometimes you’re just changing the shareholding in the trustee company, removing a member, adding a new member etc. This also involves documents and reporting. Follow this link to learn more about our document services.
What if an SMSF member moves overseas?
There are a number of things that will need to happen. Upon your request, we can prepare the documentation you require to record changes in your SMSF to ensure it remains compliant. Learn more about SMSF residency rules here.
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