Key takeaways
- You can change your SMSF's accountant, administrator or auditor at any time; the fund itself continues.
- A handover should include the trust deed, prior financials, audit reports, and the ATO lodgement history.
- Review the fund's compliance history before taking it on, as you inherit any unresolved issues.
- An out-of-date trust deed is common and often worth updating during a handover.
Taking over an existing SMSF happens for two common reasons: you are moving the fund to a new accountant or administrator, or you have become responsible for a fund through a family change. Either way, the fund continues. What changes is who supports it, so the focus is a clean handover and a careful review.
Changing your SMSF provider
You are free to change the professionals who service your fund at any time. The fund keeps its ABN, bank account and assets. A complete handover pack should include:
- the current trust deed and any amendments;
- financial statements and member statements for recent years;
- signed audit reports and management letters;
- the ATO lodgement and tax history;
- investment records and asset ownership documents.
Review before you take it on
When you take over a fund, you take on its history. Before committing, review:
- Compliance status. Are returns lodged and up to date? Were there any auditor contraventions reported to the ATO?
- The trust deed. Older deeds may predate current rules. A deed update is often sensible during a handover.
- Asset ownership. Confirm every asset is correctly held in the fund's name and properly documented.
- Pensions in place. Check any existing pensions are documented and meeting minimum payment rules.
Inheriting a fund through a family change
If you have become a trustee because a family member has died or can no longer act, there are extra steps, including paying any death benefits correctly and updating the trustee or directors. Our guides on death benefits and adding or removing members cover those.
Making the switch
Once you have reviewed the fund and gathered the records, the practical steps are appointing the new adviser or administrator, updating ATO contact details, and arranging the next audit. A good handover is mostly about documentation, so the more complete the pack, the smoother the move.
Frequently asked questions
- Can I move my SMSF to a new accountant without closing it?
- Yes. The fund continues with the same ABN, bank account and assets. You are only changing who prepares the accounts, administers the fund or audits it.
- What should I check before taking over an existing SMSF?
- Confirm returns are lodged and up to date, check for any reported auditor contraventions, review the trust deed for currency, and make sure every asset is correctly held in the fund's name.
- Do I need to update the trust deed during a handover?
- Not always, but older deeds often predate current superannuation rules, so a handover is a natural time to review and, if needed, update the deed.
