My SMSF changed trustee from my company to my wife and I. The portfolio of the SMSF now has some securities registered as XYZ Pty Ltd <XYZ Superannuation A/C> and some as Alister & Wendy <XYZ Superannuation A/C>.
The correct procedure is to fill out a form with the new details, accompanied by a certified copy (signed in triplicate by a JP etc) of the minute of the meeting that changed the trustee . My problem is that I can no longer find this minute due to changed accountants (the change occurred about 4 years ago). My current accountant tells me quite emphatically that all I need to do is an off-market transfer from XYZ Pty Ltd <XYZ Superannuation A/C> to Alister & Wendy <XYZ Superannuation. This sounds very easy but I thought I would run it by the forum first in case there's a hitch. The particular questions I have are:
1. I will be usng the same HIN for both sellor and buyer. Is this acceptable?
2. What consideration should I use?
a. The average cost so that there is no net gain or loss.?
b. Current price?
c. Zero ?
3. What date should I use? I suspect it would be the current date.
One message I have got from this forum is to get it right when you do these things and hence I would appreciate any knowledge and wisdom that might be available from within the ranks.