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Self Managed Super Fund (SMSF) Article
How to set up an SMSF - Step 10

By Tony Negline.

This article may be out of date.

19th November 2010

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Step 10: Open The Fund's Bank Account Or Cash Management Trust

Trustees are required to open a bank account in the name of the fund. Alternatively a CMT will also suffice for this purpose. It is essential that the assets of the fund are kept separate from the personal or business assets of any of the trustees at all times. In situations where the trustees have appointed a professional administration manager for the fund, the opening of the fund’s bank account is commonly completed or co-ordinated by the administration manager.

Once the above steps have been completed, the small super fund can commence its operations of accepting contributions, investing the assets of the fund and setting up the administration arrangements.

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This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

 
 
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