Does an SMSF need an ABN?

Yes, a self-managed superannuation fund (SMSF) is required to have an Australian Business Number (ABN). This is created as part of the SMSF Setup process after the corporate trustee and deed is in existence but before bank account is able to be opened.

What is an ABN?

It is a unique 11-digit identifier issued by the Australian Business Register (ABR) which is  maintained by the Australian Taxation Office (ATO). It is required when an entity carries on an enterprise which is in the form of a business and can be a company, a partnership, a trust or a sole trader. An ABN remains valid for the life of the SMSF.

Why does an SMSF need an ABN?

To obtain tax concessions an SMSF must elect to be regulated by the ATO and to comply with the superannuation laws and regulations. As part of the registration process an SMSF must apply for and obtain an ABN and a tax file number (TFN).  A tax deduction cannot be claimed by a member or the member’s employer if the SMSF does not elect to be regulated by the ATO.

Other reasons for obtaining an ABN include:

• Registering for GST, PAYG instalments and PAYG withholding.
• Lodging a member’s transfer balance account report (TBAR) when a member establishes a retirement phase pension, partially commutes a pension or fully commutes it or commencement of a death benefit income stream.
• SuperStream is an electronic service sending data between superannuation funds and the ATO in relation to certain employer contributions, rollovers and release of super under certain circumstances.

How do you cancel an ABN?

The ATO will automatically cancel the ABN when an SMSF lodges their final annual return when it is wound up. The ATO will send out correspondence to advise that the fund’s ABN is cancelled.

Can an ABN be reinstated, reactivated or reused?

After a fund is wound up the ABN cannot be reused. However, if there is any uncertainty or if the ABN was incorrectly cancelled you can contact the ATO on 13 10 20 to find out if you can simply reinstate or reactivate an SMSF’s ABN.

An ABN cannot be reused as it is a unique number given to an SMSF when it elects to be a regulated superannuation fund.

Why does an SMSF need a TFN?

An SMSF lodges an annual SMSF tax return and therefore the ATO requires that it must have a TFN.

Does an SMSF need an ACN?

An Australian Company Number is a unique 9-digit identifier issued by ASIC when registering a company.  An SMSF is a trust and is not required to have an ACN but the corporate trustee (the company connected to the SMSF) does need one.

What does an SMSF trustee need?

An SMSF trustee is a separate legal entity and generally requires an ACN as most are setup as a corporate trustee and that ACN is obtained when it is first registered with ASIC. However, an SMSF trustee does not require a tax file number or Australian business number where an SMSF trustee company does not have investment income earned in its own right and separate to that of the SMSF, which it shouldn’t as a special purpose company.