SMSF Change Fund Name

Update SMSF Name online

Why change the name of your SMSF?

If the SMSF name does not do anything why change it?

Is the name of your Self-Managed Superannuation Fund registered?

An SMSF name is not registered anywhere.

Is an SMSF Name just a ‘nickname’?

The SMSF name is just a nickname to help the Accountant, who may be looking after 100s of other SMSFs, identify yours a bit quicker. Why change SMSF Name?

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Six reasons to update the SMSF name:

1. correcting spelling errors (e.g. Smitth Super Fund)

2. your husband has died (e.g. Coral & Ted Smith Superannuation Fund)

3. your spouse has divorced you (e.g. Joanne and John Lee Super Fund)

4. the SMSF name is not as clever as you first thought (e.g. Scrooge McDuck Super Fund)

5. your name may upset the ATO (e.g. Get out of Tax Superannuation Fund)

6. your parents are dead and you now want to remove their names from the Superannuation fund

I cannot find the ‘name’ of my SMSF. Where is the SMSF name?

The super fund’s name is in the trust deed. It is often on the front page (dust cover). It may also be recorded on bank accounts, share registries, ATO and ASIC.

Can I change the name of the SMSF to any name I want?

Yes, you can call your SMSF anything you wish. (In contrast, a company must always have a unique name.)

There are no restrictions on what name you use for your SMSF. However, avoid SMSF names that are misleading, deceptively similar to another fund’s name, or identical to an existing company or business name.

Having said that there are many SMSFs called the “Smith Super Fund”. And there are many businesses and company names with “Smith” in them.

Best practice of SMSF naming conventions – do not upset ASIC or the ATO

Keep an SMSF name simple and short

An SMSF is often identified with a string of information on share registers and the government. For example, consider:

Cosmic Nominees Pty Ltd ACN 839383839 as trustee for the Mary and John Cartrict Super Fund ABN 838373837383

(In this case, the SMSF name is: Mary and John Cartrict Super Fund)

As you can see, it makes sense to keep the SMSF name short and simple.

If the bank only has a limited space for describing your super fund then you may find it shortened. Which only aggravates your auditor and the ATO.

Keep your surname out of the SMSF name

At Legal Consolidated not all of us agree with this: The SMSF Name becomes public information. It is on publicly searchable databases. However, is no one’s business who is ‘behind’ the SMSF. Why give out your name, for no reason? The matter is compounded if you are rich, or famous or your surname is distinctive.

Using your name is also bad for asset protection.

The other side of the coin is that your accountant may have 500 SMSF clients. In this case, the accountant can pick out your SMSF quicker if it has your surname on it.

Do not use SMSF names that go out of date

We set up an SMSF in the 1980s. The SMSF name is the name of the building and street where they purchased a block of flats in Double Bay. Well, our clients are dead. Their children now want to change the name because the block of flats was sold years ago. The auditor has also, in a passing comment, stated that the SMSF name is ‘misleading’.

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Any stamp duty or taxation issues when updating the Self-Managed Superannuation Fund name?

There are generally no taxation issues when you update the SMSF name. 

Do I need to let the ATO know that I have updated the name of my Self-Managed Super Fund?

The Australian Taxation Office (ATO) regulates Self-Managed Superannuation Funds. You need to let the ATO know within 28 days of changing your Superannuation Fund’s name. Our cover letter that you get with the Deed to update your SMSF Name has a link to the form that the ATO requires you to complete.

Do I have to let the share registries and banks know of the SMSF Name change?

Yes. While you are not changing the SMSF Trustee or the Members – let everyone know you have changed the name of the SMSF.

Some public registers do not have your SMSF Fund’s name recorded. They generally do not need to be advised when the fund’s name changes. Private or public registers which use your SMSF’s name need to be advised.

Do I need to let ASIC know that I have changed the name of my SMSF?

Yes. While your ABN and other registrations do not change let all government departments know that you update updated your SMSF name.

Can I change the name of my SMSF by just ‘minutes’ or a ‘resolution’?

No. Your SMSF Deed is a deed. The only way to change a deed is by signing another deed. Only law firms can prepare deeds. We are a law firm. We provide the deed as part of the SMSF Change Name Deed kit.

Minutes and resolutions merely record what you did. Minutes and resolutions do not change the name of your Self-Managed Superannuation Fund.

In years to come, you, your children or grandchildren may be tasked with providing evidence of the SMSF name change. Only a deed achieves this. 

We have seen the ATO, ASIC, share registry and the titles office reject minutes. They ask to see the Deed of Variation of the SMSF Deed that changed the name. You get that deed in the Legal Consolidated SMSF Change Name Deed kit.

What is included in the Legal Consolidated SMSF Change Name Deed kit?

With every Legal Consolidated document, you can see a full free sample together with the law firm’s cover letter.

The Legal Consolidated Change SMSF Name Kit includes:

• Legal Consolidated letter of advice including the links to the ATO form
• Trustee resolutions (legal minutes) – for your accountant’s and SMSF auditor’s due diligence file
• Deed of change of SMSF name
• Notification of change of SMSF name

We are Australia’s only law firm directly providing SMSF Change Name Deed online.

We are a law firm. Many websites appear to be law firms. But they merely resell a lawyer’s template. You, your accountant and your financial planner are not protected. 

If you are unsure then telephone that website. And ask the person giving you advice: ‘are you a lawyer?’. All these years you thought you were dealing with a law firm. Now, only to find every document you have done with these ‘non-law’ firms is unprotected.

Free legal advice on updating your SMSF Trust Deed name

Telephone us, we can help you answer the questions to change the name of your SMSF. But start the free building process first. Just press the green button at the top of this page. The free building process answers most of your questions. We empower our clients. Enjoy the free hints and free education.

 

Any stamp duty on Legal Consolidated SMSF Deeds and variations?

Legal Consolidated SMSF Deeds are not dutiable. We draft them so that they do not need to be lodged for stamp duty. However, if the SMSF Deed is in the Northern Territory then you have to lodge the SMSF deed for stamping. 

Stamp duty in the Northern Territory for Legal Consolidated SMSF Deeds

A Legal Consolidated SMSF deed that relates to property in the NT (even if signed outside the NT) must be lodged with the:

• NT Territory Revenue Office, GPO Box 1974, Darwin NT 0801

In the NT there is usually a ‘nominal’ fee of $20 (plus $5 for each duplicate deed). This is under section 2 of Schedule 1 and section 9B Stamp Duty Act 1978 (NT)). Upon signing you only have 60 days to complete and lodge the Stamp Duty Lodgement Form. The form is freely available from the NT Department of Treasury and Finance website.

Stamp Duty requirements for SMSF Deeds in New South Wales

Legal Consolidated SMSF Deeds and our deeds that amend SMSFs are not dutiable for stamp duty in NSW. See 65(10)(a) Duties Act 1997 (NSW). You do not need to lodge our deeds for stamping. 

No stamp duty in Victoria for Legal Consolidated SMSF Deeds

No duty assessment is required for Legal Consolidated SMSF deeds that establish or amend the SMSF. See section 39 Duties Act 2000 (Vic). You do not need to lodge our deeds for stamping. 

How much stamp duty is payable on a Queensland SMSF Deed and variations?

When you build on Legal Consolidated’s website SMSF Deeds and SMSF Deed Updates there is no stamp duty. And you do not need to lodge such Legal Consolidated deeds for duty. See sections 9 and 10 Duties Act 2001 (QLD). If you are moving cash or stamp dutiable property into or out of the SMSF then you will need to pay stamp duty. But, as to the Legal Consolidated SMSF deeds themselves, they are not dutiable.

The stamping of Western Australian SMSF deeds and variations

No duty assessment is necessary for Legal Consolidated SMSF Deeds and deeds that amend an SMSF deed. See the Duties Act 2008 (WA). You do not need to lodge our deeds for stamping. 

Dealing with South Australian stamp duty for SMSF Deeds and variations

The good news here is that Legal Consolidated SMSF Deeds and SMSF Deeds of Variation are not dutiable. They do not need to be lodged. See Schedule 2, Part 2, Item 30 Stamp Duties Act 1923 (SA). However, such deeds need to be lodged if the deed moves assets or changes the interest in the underlying assets in the SMSF. For example, you move the $4m vineyard in the Barossa Valley from Mum’s account in the SMSF to Dad’s account in the SMSF.

Legal Consolidated SMSF deeds and variations are designed to not move or change any rights to the assets in the SMSF.

If your accountant is concerned, then out of an abundance of caution, lodge the Legal Consolidated SMSF Deed or variation at RevenueSA, GPO Box 1353, Adelaide SA 5001 and ask for the deed to be stamped ‘exempt’.

No stamp duty on Legal Consolidated ACT SMSF Deeds

Legal Consolidated SMSF Deeds and deeds of variation are drafted so that they have no stamp duty and are, also, not required to be lodged for stamping. See Duties Amendment Act 2008 (ACT). You do not need to lodge our deeds for stamping.

Tasmanian stamp duty on Legal Consolidated SMSF deeds and variations

Happily, Legal Consolidated drafts its SMSF Deeds and variations so that they neither suffer any stamp duty nor need to be lodged. You do not need to lodge our deeds for stamping.