The ATO has issued a warning to self-managed super fund trustees that their SMSF must have a bank account in the fund’s name to manage the fund’s operations and accept contributions, rollovers and income from investments.
The ATO says the SMSF’s bank account must be separate from the trustee’s individual bank account and any related employer’s or adviser’s bank accounts.
The tax office says that if trustees do change their bank account details they should update the ATO by contacting the ATO directly or through their registered agent.
It is not necessary to have a separate bank account for each member of the SMSF but the trustees must keep separate records of their entitlements. These records must show:
- contributions made by or on behalf of the member;
- fund investment earnings allocated to the member; and
- payments of any super benefits, such as lump sums or income streams.
Another housekeeping matter concerns the transfer of data. If the SMSF is to receive contributions from employers (other than related-party employers), it needs to be able to receive the contributions and associated SuperSream data electronically.
SuperStream is a data and payment standard that applies to super contributions made by employers to any super fund, including SMSFs.
To receive SuperStream data a fund needs an electronic service address, which is a special internet address. It is different to an email address.
A fund administrator should be able to provide the electronic service address.