How can I add a new member to my SMSF using Grow?
Adding a new member to your Self-Managed Super Fund (SMSF) using Grow involves providing specific details, completing required steps, and adhering to compliance requirements. Below is a detailed guide on how to successfully complete this process:
Required Information
To add a new member, you must provide the following details:
Full legal name
Date of birth
Place of birth
Tax File Number (TFN)
Email address
Mobile number
Residential address
Occupation
Director ID: This is mandatory for individuals becoming directors of the trustee company. Information on obtaining a Director ID can be found on the official ATO or ASIC website.
Step-by-Step Process
Provide the Information: Send all the required details for the new member via email to Grow.
Submit Identification: The new member is required to submit their identification (ID), as requested by Grow. Once we've added the new member in our system, we will email them requesting they verify their ID via Stripe.
Documentation Preparation: Grow will prepare the necessary documents and send them to you for signing via DocuSign.
Payment of Fees: An invoice will be issued for a fee of $330. This is payable from your SMSF cash account.
Lodgment with Authorities: Once all documents are signed, Grow will submit the updated details to the Australian Taxation Office (ATO) and, if applicable, the Australian Securities & Investments Commission (ASIC).
Record Updates: The ATO’s update of the SMSF's records can take up to 56 days. Once updates are complete, the new member can initiate the transfer of their superannuation to the SMSF via the Grow portal.
Fee Structure
The cost to add a new member to your SMSF is $330.
This fee is payable from the SMSF's cash account.
Compliance Insights
Ensure the new member obtains a Director ID before being appointed as a director of the trustee company. Grow provides the necessary guidance, including links for applying for a Director ID.
All updates will be aligned with ATO and ASIC regulations to maintain compliance across the process.
You, as the existing contact person for your SMSF with the ATO, will be notified when the ATO adds the new member. Grow doesn't get notified of the change; however, we can manually check the details online via the ATO upon request.
By following these steps and providing accurate information, you can successfully add a new member to your SMSF using Grow without any issues.