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  • Providing your bank account and ESA on the SAR

    Trustees are reminded that it is now a requirement for all SMSFs to provide us with your fund’s superannuation bank account details. In addition, if your SMSF has an electronic service address (ESA) alias, you should include this information in your annual return.

    Label 7A – Bank account (Superannuation payments)

    The bank account nominated at label 7A of the SMSF annual return (SAR) must be the account that is used for any super payments made to members of the SMSF and be an account that belongs to the SMSF. This account should be unique to each SMSF and cannot be a common account used across multiple clients, such as your tax agent’s trust account or your personal bank account.

    We use the details at label 7A to make super and SuperStream payments directly to the SMSF. If you do not provide the correct details, these payments may be affected.

    We will also pay tax refunds to this account if you do not complete label 7B.

    Label 7B – Bank account (Income tax refunds)

    You can use label 7B to enter a different a bank account for income tax return payments. A tax agent's financial institution details can only be added into label 7B – do not add tax agent financial institution details into label 7A.

    Label 7C – Electronic Service Address (ESA)

    SMSFs that receive employer contributions (other than from a related party employer) need to include the registered ESA of the SMSF at label 7C. An SMSF should only have one ESA and be linked to the ABN of the SMSF – not the member.

    SMSFs should avoid these common ESA errors when completing this label:

    • ESAs with incorrect spelling, spaces and transposed characters (ESAs that don’t match with those issued by the ESA provider)
    • Using an email address
    • Using a postal address
    • Using only dots (…), dashes (-) or other characters (!, @, ?).

    See also:

      Last modified: 08 Feb 2017QC 51201