Company Trustee - Need for ABN and bank account?

Discussion in 'Accounting & Tax' started by Chris Bragg, 15th Dec, 2011.

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  1. Chris Bragg

    Chris Bragg New Member

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    I have set up a Company as Trustee for a SMSF. The company will not "trade" as such. Is there any reason why I should have an ABN and/or bank account established for the Company. Obviously the super fund needs an ABN and bank account, but does the Trustee Company need them as well?? - Perplexed!
     
    Chris Bragg, 15th Dec, 2011
    #1
  2. zudjian

    zudjian Member

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    Corporate trustees do not require an ABN, TFN or bank account. That said, the super fund bank account will encompass the corporate trustee name anyway.

    For example, the bank account name would be something like

    COMPANY PTY LTD as trustee for THE WILLIAMS SELF MANAGED SUPER FUND
     
    zudjian, 15th Dec, 2011
    #2
  3. Chris Bragg

    Chris Bragg New Member

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    zudjian

    Thanks for your advice - I have done a reasonable level of reading but for a newbie the SMSF universe is quite complex. Hopefully I can keep my setup as simple as possible.
    Thanks again.
    Chris Bragg
     
    Chris Bragg, 15th Dec, 2011
    #3