I notice the ATO issues TFN's for SMSF's as :"The Trustee for ABC Super Fund". However, the Financial Statements and Tax Returns I have viewed just show the name of the SMSF entity as "ABC Super Fund". So, my question is:- "What name should go on the Financials and Tax Return as the name of the SMSF?".
You just use the name of the SMSF that is on the deed, and in your example it would just be ABC Super Fund.
When any SMSF or any other type of Trust registers for a TFN / ABN the ATO will automatically add " The Trustee for " to the actual name as it is the trustee that is responsible for all taxation obligations. Much the same way that any financial institution with set up an account for a SMSF or other type of Trust.
https://www.ato.gov.au/businesses-and-organisations/trusts/trusts-registering-and-reporting-for-tax
You just use the name of the SMSF that is on the deed, and in your example it would just be ABC Super Fund.
When any SMSF or any other type of Trust registers for a TFN / ABN the ATO will automatically add " The Trustee for " to the actual name as it is the trustee that is responsible for all taxation obligations. Much the same way that any financial institution with set up an account for a SMSF or other type of Trust.
https://www.ato.gov.au/businesses-and-organisations/trusts/trusts-registering-and-reporting-for-tax
Thank you for clarifying that for me and including the reference. Much appreciated.
Hi Yep,
I have a related question - does the above apply also to property ownership?
We have a superfund, with the name on the deed, say, 'ABC SMSF'.
The entity is referred to by the ATO as 'The Trustee for ABC SMSF'.
If we purchase a property as the SMSF, the buyer/contract name should be the deed name or do we need to add 'The Trustee for...'?
This link
https://legalvision.com.au/frequently-asked-questions-about-trusts
(section 'Who Owns the Trust Property?') says that it should be under the 'Trustee for'. That, however, won't match the deed name, as you suggested it should be in the example above.
Thanks,
Alex
The information I provided previously was specifically in relation to what the name should be on financial statements, and does not apply to the senario you presented.
Any Trust including a SMSF can not hold property in its own right as it is not a legal person and therefor it is the trustee that owns the property on behalf of the SMSF.
Accordingly the information provided in that link you supplied is correct.
You can also refer to a ATO Ruling - that has some information on the issue.
Please refer to MT 2006/1 paragraphs 68 and 71 to 83
https://www.ato.gov.au/law/view/document?DocID=MXR/MT20061/NAT/ATO/00001
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