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Self Managed Super Fund (SMSF) Article
How to set up an SMSF - Step 5

By Tony Negline.

This article may be out of date.

19th November 2010

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Step 5: Lodge An Election With The ATO

The Trustees must complete the ATO form Application to Register for the New Tax System Superannuation Entity (the form can be completed on-line at www.abr.gov.au).  Funds can declare that they are a Self Managed Super Fund and hence elect to be regulated by the ATO.

They can also apply for an ABN, Tax File Number (TFN) and register for GST (registering for GST is not compulsory and a fund should think carefully about applying to be registered).

The ATO form can be submitted on-line however it would be prudent practise to make sure that a fund has a paper copy of this form signed by the trustees in its records.

The ATO has amended to process it uses to put new SMSFs onto their databases so that it is harder for super monies to be stolen or for people to access their super prior to retirement.  They have also introduced a new SMSF member verification system so large super funds can know that they can transfer or rollover funds to legitimately established small super funds.

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