How to change the name of an SMSF

Changing the name of your SMSF is possible but involves a complex process. When you set up a fund for the first time, a name is selected and included in the trust deed. Unlike a company, the fund’s name is not unique. The name identified in the trust deed is the name registered with the ATO on the Australian Business Register (ABR).

What are the steps involved in changing my SMSF’s name?

Changing your SMSF’s name is relatively easy but rare. However, it can be costly and time consuming because the title to most, if not all, of the fund’s assets has to reflect the new name.

Step 1: Prepare a trustee resolution – this formally recognises the trustee’s decision

Step 2: Deed of variation to amend the SMSF name 

Step 3: Advise the ATO of the change of name within 28 days

Step 4: Update the fund’s bank accounts and investments with the new name

Step 5: Inform insurance providers, lenders (if the fund has a limited recourse borrowing arrangement (LRBA) in place), financial adviser and any other relevant third parties

How do I let the ATO know of the change of name?

The trustee has to advise the ATO that the fund has changed its name.  This must be done within 28 days.  This can be done in the following ways:

• The traditional way is to complete and lodge a paper form which is NAT 3036
• Via the fund’s tax agent noting that for our clients, we can do this online on the fund’s behalf
• Online services for business – you must have myID set up, and then you select myID to access your fund details. Under your fund details, select ‘Profile’ and then select ‘Business Details’. You can then proceed to select Update under the fund’s name and update to a new name.
• Contact the ATO by phone – 13 10 20

When would I consider changing the fund’s name?

Changing the name of an SMSF is cosmetic, but in certain situations it may be desirable, such as:

• You have retained your SMSF as part of your divorce settlement. You want to expunge your former spouse’s name from the SMSF, which was called ‘Jim and Paula White SMSF’. You would like to change it to ‘Paula White SMSF’.
• You were in a fund with your parents, who have now passed away; you want their names removed from the title and your name added to it.
• Correcting a spelling mistake when the fund was first established, which has been annoying you for a long time.
• The fund’s name did not initially include ‘SMSF’, ‘Super Fund’ or ‘Superannuation Fund’ in the title; whilst this is ok, it becomes difficult when adding a new bank account or investment, as the administrator wants to see this to identify it as a super fund.

Informing third parties of the SMSF name change

Public and private registers that record the fund’s name must be notified of the change. You may not need to update the title deed for property held in NSW or Victoria, as the fund’s name is not recorded, only the trustee’s names. You may need to do so in other states; each state and territory has specific rules, so check with a solicitor experienced in land title issues. Bank accounts, investment platforms, share registries, and unit trust registries generally include the fund name in the title, so they all need to be updated.

Hint: An SMSF using a special purpose company as the SMSF trustee, holding fund assets solely in the company’s name, without the SMSF designation, is not required to change the title when the SMSF changes its name.