There are consequences when a trustee of an SMSF becomes a ‘disqualified person’. Trustees include directors of a corporate trustee of an SMSF. If you are a trustee and become a disqualified person, you are not allowed to remain a trustee.
Removing yourself as a trustee
If you become a disqualified person you need to:
When you have resigned as a trustee, you must complete the Change of details for superannuation entities (NAT 3036) form (HERE) and send it to The ATO within 28 days of the change.
If you are a director of a corporate trustee, you may also have obligations to inform the Australian Securities & Investments Commission (ASIC).
If by doing so the fund no longer meets the definition of an SMSF, it may need to be restructured to meet the requirements of a regulated super fund or be wound up.
Structuring your SMSF
Effectively, your SMSF has six months after you resign as a trustee to restructure itself so that it continues to meet the definition of an SMSF – generally, this will mean rolling your super interest out of the fund.
The other trustees or directors can:
Superannuation Warehouse is based in Melbourne and have clients throughout Australia. We deliver our SMSF administration services in an efficient and paperless way. This efficient service means a competitive fee to you. Our low ongoing fees will enable you to take control of your Super.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
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