A change of trustee is considered by the ASX to be a significant change to the legal title of an account. Because of this, the registration details of the existing CHESS holder cannot be updated.
Instead, you will need to open a new account and establish a new HIN (Holder Identification Number). Your assets can then be transferred from the existing HIN to the new HIN via off-market transfer.
What do I need to do?
Contact us @ support@selfwealth.com.au to notify us of the trustee change.
Open a new account in the name of the new trustee.
Transfer your assets from the existing account to the new account via off-market transfer.
You can open a new account from your existing profile by navigating to:
Settings → Open a new portfolio
What account type should I select?
The account type depends on the structure of the new trustee.
For example:
If you are changing from individual trustees to a corporate trustee, select Corporate Trust.
Will I need a new HIN?
Yes. A new HIN will be created for the new account.
Your existing HIN cannot be transferred because the shares must be moved via off-market transfer.
What documents will I need?
During the application process, you will be asked to upload supporting documents such as a Deed of Amendment.
Document requirements depend on the trust type:
SMSF accounts: Certification not required
Unregulated trusts: A certified copy is required
How do I transfer the shares?
Once your new account has been approved, you will need to complete a Change of Trustee Off-Market Transfer Form.
We will email this form to you, and it is also attached at the bottom of this article for your reference.
After we receive the completed form, we will arrange the transfer of assets from the old account to the new account.
What if I hold international shares?
If you hold international securities, you will also need to open a new USD/HK trading account.
Once the new account is established, we will transfer the international holdings using the relevant transfer form (attached below).
Will my average purchase price transfer?
No. The average purchase price does not transfer to the new account.
We recommend taking a screenshot of your portfolio summary before the transfer takes place so you can manually update the purchase prices later. Learn more here
What happens to my old account?
Once all assets have been transferred, the old account will be closed.
Please ensure that any remaining cash balances are withdrawn beforehand.
You will still be able to access transaction history and statements after the account is closed.