We've identified some common issues when setting up an SMSF which include being unable to receive employer contributions and delays when rolling over existing super. These are often caused by missing or incomplete setup details.
When setting up an SMSF, ensure a bank account in the fund’s name is opened and a valid Electronic Service Address (ESA) is obtained and recorded.
The SMSF bank account is used to:
- manage fund operations
- accept contributions and process rollovers
- receive investment income
- pay expenses and liabilities
- keep fund money separate from personal or related party assets.
Recording the correct bank account details and having an ESA enables you to:
- receive employer contributions (SuperStream)
- process rollovers and electronic transactions
- meet ongoing reporting obligations.
Failure to provide these details can result in rejected transactions and delays.
Remember to set up and verify both your bank account and ESA at registration. For more information visit Set up your SMSF bank account and Get an electronic service address.
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