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Mar 23, 2023

Corp Trustee Name Change

in SMSF Technical Forum

Hi,

I have an audit where the ACN remained the same and the corporate trustee changed the name with ASIC. I requested they update banks, shares and the property to reflect this. All but the property has been updated but there is an email from a lawyer who states:

'There is no need to change it as whilst the name has changed the entity remains the same.'

I am not sure I agree, the title should also reflect the new name in my opinion to clearly show who it belongs too or do others think the lawyer has a point as we can also track the ownership along the way and it has never changed, titles office would also note this as well.

2 comments

Comments (2)

THE AUDITORS INSTITUTE

Mar 27, 2023

Hi CV

My view is that the title should be changed to record the correct name of the trustee company.

In the PEXA community forum for Victorian properties an owner advised that they were able to correct the ownership (in same example as yours) by:

"sending the following (in paper) directly to the Land Registry Services.

We enclose the following:

signed Application for new folio of the Register (32TLA);
Statutory Declaration supporting the Application;
1. *** is the true and correct name of the company.
2. *** was formerly known as *** and former to that known as *** registered as proprietor of the land in folio of the Register Volume *** Folio ***.
3. The reason for this application is to record the change of name of the registered proprietor of the abovementioned properties.

3. Original Certificates of Title."

Arguably as you have correspondence from a lawyer that the name does not need to be changed you could place reliance on that. I also note that I do not know which state the property is in, in your example, and whether this will complicate it.

Thanks

SMSF AAA

Mar 27, 2023

Replying to

Thanks for helping there, it is VIC for reference, I think what I will do is advise it woudl be safest to update it across however I am willing to rely on the legal advice they have received. I may also send those steps to the accountant seperately.