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Currently I have a SMSF with two individual trustees.
I want to replace the two individuals as trustees with a corporate trustee (same two individuals as directors of the trustee company, and same two members).
My SMSF investments consist of only shares, bank accounts and term deposits.
In order to transfer my trusteeship from individuals to a corporate trustee is it just a matter of minuting the change and writing to the banks and the shareholding companies advising of the transfer of trusteeship?
As such, do the bank account numbers, share reference numbers and holder identification numbers remain the same?
A: The banks and share registries will want to see a trustee minute showing that the trusteeship has changed.
The ATO must be informed.
The share registries will charge a fee to make the change.
Before proceeding, check with each bank and share registry what each of their specific requirements are, as they can all be slightly different, especially with term deposits (I’ve heard of some very strange demands such as having to terminate one TD with penalties and then having to start another with a market lower rate!)
Regards,
Tony Negline
