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Does an SMSF need to have an ABN, since it is not a requirement by the SIS Act. Will it be considered a breach of SIS ACT and an ACR to be issued?
Thank you.
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Hi Kylie
If a Fund does not have an ABN my initial view was that it would not be considered to be a regulated and complying SMSF. Looking further my understanding is that the SIS legislation / regulations do not require a SMSF to have an ABN. On that basis my view is that it would not be considered a breach of SIS for a SMSF to not have an ABN.
My view is that if you do not have an ABN this may create a number of problems such as:
1) Auditor not being able to lodge an electronic ACR (if required).
2) Inability to receive rollovers from other Funds.
3) Inability to register for Superstream / electronic service address and receive employer contributions.
I have had a Fund without an ABN (other than a cancelled ABN on wind up) so the above is what I would expect.
My understanding is that when you regulate a new SMSF with the ATO they will issue an ABN. I will review the Fund TFN / regulated status application process & will confirm if this is automatic.
I also note that as per:
https://superfundlookup.gov.au/FAQ/About
"Super funds that existed before the introduction of the ABN may not have an ABN and therefore will not be listed on Super Fund Lookup. These funds can register for an ABN on the Australian Business Register (ABR) ."
This issue has not been raised previously so if any other forum member's have a view that would be great to hear.
Thanks
SMSF AAA