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For trustees of SMSFs, managing your own fund and getting it right is very important. Every Self Managed Superannuation Fund has a trustee (either an individual or a corporate body) which is responsible for ensuring the fund follows the government rules and regulations. These rules are designed to protect your retirement income.
As a trustee, you will need to make important decisions that may affect the retirement savings of the fund’s members.
There are occasions whereby you may need to change the trustee of your SMSF. For example, you can change from an individual trustee to a corporate trustee or vice versa.
Reasons for changing trustees differ however, it is important that when you make a change to the trustee, all of your paperwork is compliant with the deed and dated correctly. You don’t want to have a non complying Self Managed Superannuation Fund.
For a change of trustee to take place it is recommended that a professional like a superannuation lawyer or an experienced corporate service provider make changes for you.