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Dawood Hassan

Sep 01, 2022

Edited: Sep 01, 2022

Adding a new member to SMSF

in SMSF Technical Forum

I have a SMSF client and it has three individuals who are curretnly the members and trustees. I am adding a 4th individual as member and trustee to the SMSF. I am aware of most of the requirements that needs to be fulfiled in order to add the new member and the trustee.

Just wondering do I need to update the trust deed or can I just prepare a Trust Deed addendum documents to record the addition of the new member and the trustee and attach it to the old deed.

I would really apricate it you could reply to this query.

Regards

Dawood Hassan

2 answers0 replies

Comments (2)

THE AUDITORS INSTITUTE

Sep 04, 2022

Hi Dawood

My view is that normally there is no requirement to do a deed of variation or even a trust deed addendum to appoint an additional individual trustee. This is on the basis that the trust deed is reviewed as to what the requirements are to appoint a new individual trustee.

As an example I have seen trust deeds that require a deed of variation if the trustees change from individual trustees to a corporate trustee.

The appointment of the new individual trustee will be determined by the trust deed rather than by SIS.

If other members have a view please let the forum know.

Thanks

SMSF AAA

Dawood Hassan

Sep 04, 2022

Replying to

Thanks a lot, really appricate your qucik reply.