To open the account, you need to provide the financial institution with information such as:
- the fund’s name, ABN, TFN and address
- the name of each member and their residential address
- identification documents for each member
- the name and Australian Company Number (ACN) of the corporate trustee (if you have one).
You can update your fund’s financial institution account details through a registered agent, through Online services for business, or by phoning the ATO on 13 10 20.
Remember, you must make sure your SMSF’s bank account is unique to your fund.
Last modified: 16 May 2024
Setting up a self-managed super fund (SMSF)
Steps | Progress | ||||||||||||||||||||||
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What is an SMSF? |
3 mins | ||||||||||||||||||||||
Is an SMSF right for you? |
6 mins | ||||||||||||||||||||||
Setting up an SMSF |
1 mins | ||||||||||||||||||||||
Choose an SMSF trustee structure |
4 mins | ||||||||||||||||||||||
Appoint trustees |
6 mins | ||||||||||||||||||||||
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Check your SMSF is an Australian super fund |
2 mins | ||||||||||||||||||||||
Create a trust deed |
2 mins | ||||||||||||||||||||||
Hold assets |
2 mins | ||||||||||||||||||||||
Register your SMSF |
3 mins | ||||||||||||||||||||||
Set up a bank account |
2 mins | ||||||||||||||||||||||
Get an electronic service address |
1 mins | ||||||||||||||||||||||
Create an investment strategy |
2 mins | ||||||||||||||||||||||
Plan for the future |
1 mins | ||||||||||||||||||||||
Prepare an exit plan |
2 mins | ||||||||||||||||||||||
Record-keeping requirements |
2 mins | ||||||||||||||||||||||
Notify the ATO and ASIC of changes |
2 mins | ||||||||||||||||||||||
Consider professional advice |
2 mins | ||||||||||||||||||||||
Help and more information |
3 mins | ||||||||||||||||||||||
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Related courses |
1 mins | ||||||||||||||||||||||
Course Feedback |
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