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.
This account is also used 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, then your member's retirement benefits may not be protected.
A unique bank account keeps all money and assets separate from any personal or business finances and is not used by any other entity or individual. For example, your tax agent's account for receiving tax refunds is not unique.
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 either:
- through a registered agent
- through Online services for business via the Profile menu
- by calling us on 13 10 20.
Trustees must ensure the fund's bank account details are accurate and current at all times. If your SMSF's bank account changes in the future, you must notify us immediately through 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 don't match the SBSCH can't accept payments to the member's SMSF.
When a change is made to the SMSF's bank account details held with us, we send you an email or text message alert (or both). If you and other trustees receive an alert and are 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 to your SMSF bank account increases your exposure to fraud such as unauthorised withdrawals from your fund account.
We also recommend using safeguards such as joint bank account signatories to protect the fund’s assets.
Report suspicious activity to your bank immediately, including if you:
- suspect someone has been added as a signatory to your accounts without your authority
- notice suspicious account transactions made by a third party without your consent.