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Do I Need an ABN for a SMSF?

Do I Need an ABN for a SMSF?

Find out if you need to apply for an ABN when you register a SMSF.

15th September 2017
Reading Time: 2 minutes

Are you considering starting a Self-Managed Super Fund (SMSF)? Do you need more information on the requirements for setting up a SMSF?

What is a SMSF?

An SMSF is a superannuation trust structure that remunerates trustees when they retire. The advantage of a SMSF over a retail or industry super fund is the amount of control that the trustees have over the fund’s management. As a result, the fund’s trustees can tailor the fund to their individual interests.

Do I Need an ABN for a SMSF?

As part of registering a SMSF with the ATO you will need to apply for a super fund structure ABN. Before you register an SMSF with the ATO, it must be compliant with the requirements set out in the Superannuation Industry (Supervision) Act 1993 (SIS Act).

What do I Need to do Before I can Apply for an ABN for my SMSF?

To prepare your SMSF for registration with the ATO you will need to make sure it has all of the following:

  1. At least 1 trustee
  2. A trust deed
  3. Identifiable members
  4. Assets put aside for the benefit of its members

How to Apply for an ABN for my SMSF?

Once your SMSF is compliant with the SIS Act, you can apply for an ABN. In your application, it is advisable to request a TFN for your fund, as well as opting to be an ATO-regulated fund. This will enable your SMSF to claim tax concessions as well as allowing employers to make deductions on their contributions.

Ensuring you meet your legal obligations when registering a SMSF can be a complicated process. If you’re not sure where to begin, you can connect to LawPath’s lawyer marketplace and compare fixed price quotes on legal advice.

Ready to register a SMSF? Contact a LawPath consultant on 1800 529 728 to learn more about customising legal documents, obtaining a fixed-fee quote from one our network of 750+ expert lawyers or any other legal needs.

Jackie Olling

Jackie is the Content Manager at Lawpath and manages the content team. She has a Law/Arts (Politics) degree from Macquarie University and is a solicitor in NSW. She's interested in how technology can help shape the future legal landscape.