• SMSFs and ABN entitlement


    A self managed super fund (SMSF) is a special type of trust set up to provide superannuation benefits to members upon reaching a prescribed aged or upon their retirement, death or other cessation of employment.

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    If an SMSF has the following in place, it can apply for and obtain an ABN:

    • at least one trustee
    • a trust deed
    • identifiable members
    • assets put aside for the benefit of its members.

    You have certain responsibilities and obligations you must fulfil as a trustee or a director of a corporate trustee of an SMSF:

    • act in the best interests of all fund members when you make decisions
    • manage the fund separately from your own affairs
    • ensure the money in the fund is only accessed where the law allows it
    • comply with Australian Superannuation Legislation
    • ensure your SMSF is independently audited every year
    • lodge an SMSF annual return every financial year
    • pay the supervisory levy every year the fund is in existence.

    The Australian Taxation Office (ATO) is the regulator for SMSFs and is responsible for ensuring they follow the rules outlined in the super and tax legislationExternal Link.

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    • Last modified: 06 Nov 2015QC 683