SMSF Account FAQ

A: The main difference between SMSFs and other super accounts is that members of an SMSF are usually also the trustees of the superannuation fund. If you set up an SMSF, you’re responsible for complying with super legislation and tax laws, as well as managing how the super funds are invested.

It’s recommended that you speak with a financial adviser before starting your own SMSF as there are rules and legal obligations that govern what you can and cannot do as a trustee.

A: To apply for a SMSF account, you must be a trustee of an Australian Taxation Office (ATO) regulated self-managed super fund.

A: The following documents are required to open an SMSF:

• A properly executed trust deed
• Appropriate identification for all trustees, or if the trustee is a company, appropriate identification for each director of the company and proof of company's current registration
• Details of each member of the Self-Managed Superannuation Fund
• A Tax File Number (TFN) or Australian Business Number (ABN) for the Self-Managed Superannuation Fund

A: There are a number of eligible contributions that can be made to an SMSF, including:

• Voluntary contributions from you
• Rollovers or transfers of your benefit from another complying superannuation fund
• Employer contributions made to you
• Spouse contributions

A: There are a number of ways that you can add money to your account:

• Direct debit
• Payroll deduction
• Electronic transfers
• Cheque
• Deposit at your local Service Centre

A: No. The account needs to be in the name of your superfund as stated in the trust deed. Any fund members or beneficiaries will be added as an Authority to Operate (ATO).

A: The Australian Taxation Office (ATO) is the governing body for SMSFs and has a great range of publications that contain everything you need to know about setting up, managing and winding up a SMSF. We recommend that you research the ATO’s publications to determine if a SMSF will work for you and your fund members.