Guide to self-managed superannuation funds

Step 8: Open a bank account for your fund

To be legally established, your fund needs to hold assets. The trustees hold the fund's assets in trust for the benefit of the member.

An SMSF is usually established by making a contribution to the fund at the same time as the trust deed is executed. A contribution can be money or a transfer of certain assets, such as listed shares and securities.

You need to open a bank account in your fund's name to manage the fund's operations and accept cash contributions and rollovers of super benefits. The money is then invested according to the fund's investment strategy, and used to pay the fund's expenses and liabilities.

• You don't have to open a separate bank account for each member, but you do need to keep a separate record of their entitlement (called a 'member account').

The fund's bank account needs to be kept separate from each of the trustees' individual bank accounts and any related employers' bank accounts.

	For more information, refer to Setting up a self-managed super fund (NAT 71923).
	Self-managed super funds - home

Sections within Setting up an SMSF

• What it means to be a trustee
• How your SMSF is regulated
• Laws, rules and consequences
• Step 1: Appoint an SMSF professional to help you set up and run your fund
• Step 2: Work out the structure of your fund
• Step 3: Make sure you (and the other members) are eligible to be a trustee
• Step 4: Check the residency of your fund
• Step 5: Create your trust and trust deed
• Step 6: Appoint your trustees
• Step 7: Record each member's tax file number
• Step 8: Open a bank account for your fund
• Step 9: Register with the ATO
• Step 10: Prepare an investment strategy