Change of Trustee for SMSFs

About Product

The LightYear Docs Change of Trustee for a Self-Managed Superannuation Fund (SMSF) allows for the resignation of an existing Trustee and appointment of a new Trustee.

This particular document does not include the registration of a special purpose company.

The change of trustee effected by this deed does not result in a resettlement of the Fund as a Trust.

► $129.00 (inc GST) - OR provided under your unlimited membership

► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

General Information

This document allows for the resignation and appointment of an SMSF Trustee. Generally this is used to change from an individual to a Corporate Trustee. This particular product assumes you have an SMSF Special Purpose Company already established. Please use the "SMSF Change of Trustee from Individual to Special Purpose Company with Company Application" if you require this establishment.

Benefits

Corporatising the trustee provides asset protection for the directors in the event the Trustee is sued.
► Changing to a corporate trustee also allows for a simple change in director on the trustee company upon death or divorce.
► From a land registry, unit and share registry perspective, it provides administration simplicity as the company is the only name on the register. If directors come and go there is no registry change. This may be compared to an individual Trustee resigning from trusteeship. This requires extensive administration costs and resources to change all registries.

Frequently Asked Legal Questions

Can my existing SMSF change its Trustee and what is the process?

The first step is to review the current trust deed of the SMSF and determine how the Trusteeship may be changed. This could simply be the current Trustee at a meeting to remove and appoint a new Trustee. Review your deed now and if it is not apparent, you might want to seek help from our legal team: info@abbottmourly.com.au.

Is a change in Trustee a resettlement?

Generally, a change in Trustee without amendment to other rules of the Trust will not result in a resettlement. However, if you would like legal advice to that effect, contact our legal team: info@abbottmourly.com.au.

Why change to a SMSF Corporate Trustee?

Corporatising the Trustee provides asset protection for the directors in the event the Trustee is sued.

Changing to a corporate trustee also allows for a simple change in director on the trustee company upon death or divorce.

From a land registry, unit and share registry perspective, it provides administration simplicity as the company is the only name on the register. If directors come and go there is no registry change. This may be compared to an individual Trustee resigning from trusteeship. This requires extensive administration costs and resources to change all registries.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts

Is this document a legal document?

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Is the document easy to read?

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

What lawyers sign off on the LightYear Docs documents?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Are the LightYear Docs documents reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Can I get a sample of this document?

Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.