Change of Trustee

Changing SMSF trustee(s)

The Change of Trustee package allows you to change the existing trustees of an SMSF. Using the package you can:

• replace individual trustees with a corporate trustee
• replace a corporate trustee with individual trustees
• replace a corporate trustee with another corporate trustee
• remove trustees
• retire trustees
• add trustees

As always, our master documents etc. are signed-off by our lawyers at Maddocks.

What documents are included in the package?

The Change of Trustee package includes all of the documents required to record the changes being made.

The document package includes:

• Trustee consent forms
• ATO Trustee Declaration Form
• Member applications
• Trustee minutes
• Change of Trustee Deed

If the change is from 'a corporate trustee to individual trustees or from 'individual trustees to a corporate trustee then:

• the Change of Trustee Deed also tailors the fund's existing deed to the new situation and updates the fund's deed to the latest version of the Cleardocs deed; and
• the document package includes the new version of the fund's deed.

The fund must already have a Cleardocs deed

To use the Cleardocs Change of Trustee document package, the SMSF must have a Cleardocs deed. You can update the SMSF's deed to a Cleardocs deed here for $99.

Are all the people who are no longer going to be trustee available to sign documents?

You will need a different Deed of Variation if the people who are no longer going to be a trustee are not available to sign the documents — for example, if they are no longer alive. The Cleardocs Change of trustee document package is not suitable for that situation. Maddocks can provide you with a quote to prepare these documents. Please call us on 1300 307 343 to arrange a quote from Maddocks.

We pre-populate your answers

We'll use the information from your last update to SMSF (or SMSF set up) to pre-fill some of the questions in the Change of Trustee interface. So the whole process should take only about ten minutes.

Once you've answered the questions on the Cleardocs system and paid, you can instantly download the documents.

Changing to a corporate trustee?

If you are changing the trustees of your fund from individuals to a corporate trustee and you don't yet have a company, then you can register a company with Cleardocs for $537.50, the registration is completely online and can be done in about 20 minutes, click here to find out more.

Questions or further information

If you have questions:

• about how to use Cleardocs, contact the Cleardocs helpline on 1300 307 343.
• about legal issues, contact the Cleardocs helpline on 1300 307 343. If you need advice, we will arrange for you to speak with a lawyer at Maddocks. The firm provides a free legal helpline in relation to the documents Cleardocs provides. If you require other legal advice in relation to your particular circumstances, then this will be charged for.