Bank accounts for new SMSFs

For an SMSF to be created and therefore be eligible to apply for an ABN, it must have assets.

Many CMA accounts used by advisers will issue an account number upon set up, without the need for an ABN and TFN.  Provided the trust deed of the fund has been executed that day or before, a deposit can typically be made into an account in the name of the SMSF and this condition will be met enabling us to apply for an ABN and TFN for the SMSF.

An alternate option is to have the trustees of the fund hold a small about of cash on behalf of the SMSF. This amount can then later be deposited into the SMSFs bank account.

To use this alternative option, it is essential that the decision of the trustees to hold a small amount of cash is documented.  We recommend a trustee minute is completed.

An example trustee minute (word doc) can be downloaded below. 

 

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