Setting up a self-managed super fund

Opening a bank account

You need to open a bank account in your fund's name (not your name or any other entity's name) to:

• manage the fund's operations
• accept cash contributions and rollovers of super benefits.

Contributions and rollovers are deposited into the fund's account. The money is:

• invested, according to the fund's investment strategy
• used to pay the fund's expenses and liabilities.

For more information about contributions and rollovers, refer to Running a self-managed super fund (NAT 11032).

Earnings on fund investments are also credited to the fund's bank account.

Although you do not have to open a separate bank account for each member, you must keep a separate record of their entitlement (called a 'member account'). Each member account will record:

• contributions made on behalf of the member
• any fund investment earnings allocated to them
• payments of any super benefits.

The fund's bank account must be kept separate from each of the trustees' individual bank accounts or any related entity's bank accounts.

We recommend you use safeguards (such as joint bank account signatories) to protect the assets of your fund.

All your fund's assets (including money) must be kept separate from your personal or business assets.

Sections within Getting your fund started

• SMSFs are trusts
• Obtaining a trust deed
• Appointing trustees
• Holding fund assets
• Signing a trustee declaration
• Recording each member's tax file number
• Registering with us
• Opening a bank account
• Check your progress