Product of the month - change of fund name

31/07/2017

We often receive enquiries from clients who wish to change the name of their SMSF, due to a number of reasons, and are now wondering how to make sure their SMSF documentation reflects this change.

Deed of Variation

As the fund’s name will usually appear on trust deeds, bank accounts, assets held by the SMSF, and any other documents relevant to the fund, changing the name of the fund will usually require the fund’s trust deed to be varied. Because of this, trustees should make sure they keep relevant documentation on the Fund Register to explain any changes in the fund’s name.

Trustee Resolutions to Change the Name of the Fund

The Trustee should also prepare a resolution noting:

•    the previous name of the fund;
•    the new name of the fund; and  
•    the documentation which will be kept on the Fund Register as evidence of this change of fund name.

While there are no restrictions on what name you can use for an SMSF, it is important to note that names that are misleading, deceptively similar to another fund’s name, or identical to an existing company or business name should be avoided.

Updating Title Records of SMSF Assets

Fund assets are held in the name of the trustee of the fund.  Some public registers make no reference to the fund and so will not need to be advised if the fund’s name changes.  Private or public registers which refer to the fund name will, however, require amendment.  How that amendment occurs will be subject to the rules and procedures applicable to the relevant register.

Third Party Requirements

Trustees should also check with any third parties who deal with their SMSF to ensure they have informed them of the change of name and provide any required documents for the necessary updates to the fund’s details.

If you’re thinking about changing the name of your SMSF and would like to discuss how we can assist, contact Townsends Business and Corporate Lawyers on (02) 8296 6222.