Why your SMSF needs a bank account
You need to open a bank account in the name of your self-managed super fund (SMSF) to:
- manage the fund’s operations
- accept contributions and process rollovers
- hold earnings or profits from your fund's investments
- keep fund money and assets separate from any personal or related party assets.
You also use this account to pay the fund’s expenses and liabilities.
SMSF bank account requirements
As a trustee, you need to make sure the bank account is unique to the SMSF.
If your SMSF does not have a unique bank account, your member's retirement benefits may not be protected.
A unique bank account keeps your fund's money and assets separate from personal or business finances. No other entity or individual can use it. For example, your tax agent's account for receiving tax refunds is not unique.
Your SMSF bank account must clearly show that it is held for the fund. The account name must reflect your fund’s trustee structure and show the connection between the trustee and the SMSF. This helps make it clear the account is an asset of the fund and not a personal or business account. For more information, see Choose your SMSF trustee structure.
For example:
- Individual trustees: John Smith and Jane Smith as trustees for Smith Super Fund.
- Corporate trustee: Smith Super Fund Pty Ltd as trustee for Smith Super Fund.
Before opening the account, check with your financial institution what account name format it accepts and what documents you need to provide.
To open the account, you will need to provide the financial institution with information such as:
- the fund’s name, ABN, TFN and address
- the name of each member and their residential address
- identification documents for each member
- the name and Australian Company Number (ACN) of the corporate trustee, if you have one.
You don't have to open a separate bank account for each member, but you must keep a separate record of their entitlement called a member account. Each member account shows:
- contributions made by or on behalf of the member
- fund investment earnings allocated to them
- payments of any super benefits (lump sums or income streams).
Notify us of your fund's bank account
Once your fund's bank account has been set up, you must notify us:
- through a registered agent
- using Online services for business via the Profile menu, or
- by phone on 13 10 20.
Trustees must ensure the fund's bank account details are accurate and up to date at all times. If your SMSF's bank account changes in the future, you must notify us immediately using one of the methods above.
If a member receives superannuation payments from their employer, and their employer uses the ATO Small Business Superannuation Clearing House (SBSCH), make sure the bank details provided to the employer match the SMSF bank details recorded with us. If they do not match, the SBSCH cannot accept payments to the member's SMSF.
When your SMSF bank account details change in our records, we send you an email or text message alert, or both. If you or another trustee receive an alert and were not aware of the change, contact us immediately on 13 10 20.
Protect against fraud
As a trustee, you need to check that only people you have authorised are listed as authorities and signatories on your SMSF’s bank account.
Giving a third party authority over your SMSF bank account can increase to the risk of fraud, including unauthorised withdrawals.
We also recommend safeguards such as joint signatories to help protect the fund’s assets.
Report suspicious activity to your bank immediately if you:
- suspect someone has been added as a signatory without your authority
- notice suspicious account transactions made by a third party without your consent.