Question 7 – Have you opened a bank account for your SMSF?

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A bank account needs to be established for your SMSF. Also, ensure that your account is in the name of your SMSF. This account must be kept separate to the member’s bank accounts and related employer bank accounts.

This account is used to:

  • accept cash contributions, rollovers of superannuation and investment income;
  • pay expenses; and
  • pay member benefits, where permitted.

Although an SMSF may have up to 4 members, separate bank accounts are not required for each member.

 

TIP – Safeguards on bank accounts

It is important to safeguard your superannuation if other members are part of your SMSF. We recommend that you have joint bank account signatories (this can also be set up for internet banking) to protect your superannuation savings. No government compensation is available to SMSFs who suffer loss through theft or fraud.