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The SMSF have individual trustees/members. The 2 trustees resigned and ceased as members on 01/07/2017 (all investments have been disposal and all super benefits have been withdrawn on 30 June 2017). Instead of wining up the SMSF, their son & daughter in law were appointed as individual trustees/members at the same day 01 July 2017.
I have requested a copy of the Amended Trust Deed. However, it cannot be provided. Because it was amended by Trustee Minutes only.
The accountant who prepared the Trustee Minutes for client argued that a Trust Deed can be amended by a Trustee Minutes ref below screenshot of the established deed.
My queries are:
Please advise whether a SMSF (with individual Trustees) can amened the SMSF Trust Deed by Trustee Minutes only?
Is there any registration requirements that a SMSF must variation the deed by deed?
What audit opinion should be given in this situation?
Thank you very much for your assistance to teh above matter.
Hi Linda
I agree with the accountant that an amended trust deed is not required.
The Fund has had members / trustees resign and they have been replaced by other members / trustees. I agree that this can normally be done by way of doing minutes.
From an audit perspective the deed should be reviewed in terms of what the requirements are re having new members join the Fund and what is required re trustees resigning and being appointed. If the deed has been followed then the auditor does not need to take any action.
A change in trustees / members does not normally require a new deed to be prepared. I note that some deeds are written in a way that states if trustees change from individuals to a company then a deed of variation is required.
If other members have a different view please advise.
Thanks
SMSF AAA