SMSF - Change to Corporate Trustee ...

  1. 2,176 Posts.
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    Greetings ...

    How complicated is everything

    Am having difficulty knowing what to do after having changed from individual to corporate trustees for our SMSF. Incredibly, am getting conflicting information. Both accountant and lawyer both suggested this move was way to go. Basically, I can’t get a straight answer from anyone.

    Am having considerable stressful other issues to deal with at present, as well as struggling with health issues, my mind is going blank on this (and most quite frankly) issue. The bank also cannot answer my question. Cannot locate on ATO site despite having received a letter about where to find information

    We only have cash and shares in our SMSF and two simple bank accounts.

    I was under the impression shares holding statements had to be under same name as bank account.

    I need a simple checklist of what to do. I thought I had to change shares over to name of corporate trustee. Can anyone confirm this please.

    In addition, I thought the bank accounts also had to be changed to the corporate trustee name. The accountant told me he didn’t think so, that I maybe only had to take document (what document?) to bank to sight. However; as mentioned, and, as I originally understood it, the bank accounts and share holding certificates need to be in same name and if I didn’t change the accounts over, then it wouldn’t be.

    I emailed lawyer 12 March (received a reply only yesterday) asking specific question concerning bank accounts. I also said I needed a clear set of instructions. I received an account (for mostly other issue) asking what I needed to know .... which I had already asked I’m not wanting to incur any further fees, after having paid thousands to change to corporate trustee, with no clear guidance on what I needed to do at the time. I thought the accountant would provide me (surely!) what the obligations were. He said early March he’d email lawyer Haven’t heard back.

    To say I’m utterly confused is an understatement. Obviously am not happy with accountant (to whom we also pay thousands) as, imo, one would expect him to be able to give me the information required. I don’t want to be doing the wrong thing.

    Direction anyone can offer as to any checklist one can follow would be greatly appreciated. Or, if anyone is knowledgeable in this area, I’d be thankful for your input.

    As an aside, our ‘stressful other issues’ would make mind boggling reading on another forum; however, maybe one day when we are through it ... including the pain ... (if we make it) and looking back I may be able to openly discuss. Am having great difficulty functioning though.

    Kind Regards,

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