An SMSF trustee change happens when an individual is added or removed as trustee of a self managed super fund, or when the fund converts from individual trustees to a corporate trustee (or the reverse). Every SMSF must have its members serve as trustees (or directors of a corporate trustee) under the Superannuation Industry (Supervision) Act 1993. When members join, leave, or the fund restructures, the trustee arrangement must be updated. Miss a step and the fund can lose its complying status, pushing the tax rate from 15% to 45%.
SMSFcentral handles trustee changes end-to-end: documentation, ASIC lodgement, ATO notification, bank signatories, and asset title transfers.
What’s Included
- Drafting and executing trustee change documentation (deed of variation or supplemental deed)
- ASIC Form 484 lodgement (for corporate trustee director changes)
- ATO trustee declaration (NAT 71089) preparation and lodgement
- ABN and TFN registration updates with the ATO
- Bank signatory change coordination with the fund’s financial institution
- Asset title transfer documentation for property, shares and other registered assets
- Super Fund Lookup register update
- Written checklist confirming all steps completed
Price: From $1,200+GST (varies by asset complexity and number of title transfers required).
Our Process
- Initial review. We assess the fund’s current trust deed, trustee structure and member details. We confirm the deed permits the proposed change and identify any clauses that need attention first.
- Eligibility check. We verify the incoming trustee (or director) is not a disqualified person under s120 of the SIS Act: no convictions for dishonesty, no personal insolvency and no prior disqualification order from the ATO or a court.
- Documentation preparation. We draft the trustee change deed, minutes of meeting, member consents and the ATO trustee declaration. For corporate trustee changes, we prepare the ASIC Form 484 for director appointment or cessation.
- Execution and lodgement. Documents are signed by all relevant parties. We lodge the ASIC Form 484 (within 28 days of the change) and submit the trustee declaration to the ATO.
- Asset title transfers. We coordinate the transfer of asset titles into the name of the new trustee arrangement. For real property, we lodge transfer documents with the relevant state land titles office. For shares, we liaise with share registries. For bank accounts, we update signatories directly with the institution.
- ATO and register updates. We update the fund’s details on the ATO’s Super Fund Lookup, the ABN register and any other regulatory registers.
- Completion pack. You receive a finalised pack with all signed documents, lodgement confirmations and an updated register of trustees.
Regulatory Context
The SIS Act sets strict rules on who can be an SMSF trustee:
Section 17A requires that every member of an SMSF is a trustee (individual trustee structure) or a director of the corporate trustee. The reverse also applies: every trustee or director must be a member (with limited exceptions for single-member funds).
Section 120 defines disqualified persons. An individual is disqualified if they have been convicted of an offence involving dishonesty, are an undischarged bankrupt or have been disqualified by the ATO Commissioner or a court.
Section 104A requires each trustee to sign an ATO trustee declaration within 21 days of becoming a trustee. Failure to obtain this declaration is a contravention.
Regulation 6.17 requires trustees to notify the ATO of changes within 28 days.
For corporate trustee funds, ASIC’s Corporations Act 2001 requires Form 484 to be lodged within 28 days of a director change. Late lodgement attracts ASIC penalties starting at $85 and escalating with delay.
State stamp duty concessions generally apply to trustee-to-trustee transfers where the beneficial ownership of assets does not change. However, rules vary by state. NSW, VIC and QLD each have specific provisions, and getting the paperwork right is critical to avoid an unexpected duty assessment.
Common Pitfalls
The trustee change deed is signed, the ATO is notified, but nobody updates the property title at the land titles office. The asset sits in the wrong name. This blocks future transactions. You cannot sell the property, refinance, or commence a pension against it until the title is corrected.
New trustees must sign the ATO trustee declaration (NAT 71089) within 21 days of appointment. Missing this is a reportable contravention. Auditors are required to flag it, and it goes on the fund’s compliance record.
Some older trust deeds restrict how trustee changes can occur or require specific procedures (e.g., unanimous consent, cooling-off periods). Making a change that contradicts the deed can render the appointment invalid.
Banks have their own verification processes. If signatories are not updated, the old trustee may retain access to fund assets while the new trustee cannot transact. This creates both a practical problem and a custody risk.
Frequently Asked Questions
A simple trustee change with no property involved typically takes 2–4 weeks. If real property title transfers are needed, allow 6–10 weeks depending on the state land titles office processing times.
With individual trustees, each fund member is personally named as trustee. With a corporate trustee, a company acts as trustee and each member is a director of that company. The corporate structure offers asset protection, simpler title holding and easier succession, but comes with annual ASIC review fees (currently $55 per year for a special purpose company).
Generally, no. Section 17A of the SIS Act requires all trustees to be members and all members to be trustees. The exception is a single-member fund, which can have a second individual trustee who is not a member, or use a corporate trustee.
It depends on the deed. Most modern deeds allow trustee changes via a supplemental deed or resolution. However, if the deed is outdated or silent on the process, it may need updating first. SMSFcentral reviews the deed before starting any trustee change to avoid complications.
In most states, no, provided the transfer is between trustees of the same trust and beneficial ownership has not changed. Each state has its own exemption or concession provisions. The correct transfer forms and statutory declarations must be lodged to claim the exemption. Errors in the paperwork can result in a full duty assessment.
They must be removed as trustee immediately. Continuing to act as trustee while disqualified is an offence under the SIS Act and can result in civil penalties. The ATO can also issue a notice to the fund appointing an acting trustee until the situation is resolved.
Related Solutions
- SMSF Trust Deed Updates: always review and update the deed before changing trustees
- SMSF Wind-Up: trustee obligations during fund closure
- SMSF Contributions Administration: new trustees must understand contribution cap obligations
Fixed-Fee Trustee Changes
Call 02 8412 0086 or email [email protected]. We review the fund’s current structure, confirm the deed permits the change, and quote a fixed fee before we start.
Change of Trustee from Individual to Corporate.
Removal / Addition of Trustee / Director.
Assisting with the update of trustee information for all assets and holdings in the event of a change.
Updating Corporate Trustee information with ASIC, ATO and ABR.