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Re: SMSF Setup Issue

Devotee

Views 160

Replies 4

The trustees have set up SMSF under corporate trustee structure.

 

While setting up an SMSF via Provider Website they Selected the SMSF Fund Name & Company name.

 

Both applications done in the same application with Cleardocs portal.

 

However when they went to register for ABN, the fund name is already registered with ABN by someone else. So the fund has not been registered with ATO nor the ABN only ASIC company registration is complete.

 

Now the trustees need to change the Fund Name & execute the deed & register the Fund to ATO & Apply for ABN registration, How the trustees can remedy this & how to change the Fund name so that they can register the ABN & Fund to ATO?

 

Imprtant Observations: Compay Registration is complete, however the Fund & ABN not registered yet, the deed is yet to be executed.

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Most helpful response

Taxicorn Registered Tax Practitioner

Replies 3

The trustees have set up SMSF under corporate trustee structure.

 

While setting up an SMSF via Provider Website they Selected the SMSF Fund Name & Company name.

 

Both applications done in the same application with Cleardocs portal.

 

However when they went to register for ABN, the fund name is already registered with ABN by someone else. So the fund has not been registered with ATO nor the ABN only ASIC company registration is complete.

 

Now the trustees need to change the Fund Name & execute the deed & register the Fund to ATO & Apply for ABN registration, How the trustees can remedy this & how to change the Fund name so that they can register the ABN & Fund to ATO?

 

I would check with ATO before doing that, because ATO web site does not say you cannot do this:

 

Name of SMSF

The name of the SMSF that you put on the registration form must be the name that you used when you created the fund's trust deed.

We will check that you are able to use that name; if the name that you choose has already been used for an SMSF it may delay processing your registration and ABN application. You can check whether your SMSF's name has been used previously at Super Fund LookupExternal Link.

https://www.ato.gov.au/super/self-managed-super-funds/setting-up/register-your-fund/

 

Imprtant Observations: Compay Registration is complete, however the Fund & ABN not registered yet, the deed is yet to be executed.

 

If the deed is not executed yet, ask Cleardocs if they can just re-issue with a new SMSF name  -  if ATO does not permit the original name.

 

 

 

4 REPLIES 4

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 3

The trustees have set up SMSF under corporate trustee structure.

 

While setting up an SMSF via Provider Website they Selected the SMSF Fund Name & Company name.

 

Both applications done in the same application with Cleardocs portal.

 

However when they went to register for ABN, the fund name is already registered with ABN by someone else. So the fund has not been registered with ATO nor the ABN only ASIC company registration is complete.

 

Now the trustees need to change the Fund Name & execute the deed & register the Fund to ATO & Apply for ABN registration, How the trustees can remedy this & how to change the Fund name so that they can register the ABN & Fund to ATO?

 

I would check with ATO before doing that, because ATO web site does not say you cannot do this:

 

Name of SMSF

The name of the SMSF that you put on the registration form must be the name that you used when you created the fund's trust deed.

We will check that you are able to use that name; if the name that you choose has already been used for an SMSF it may delay processing your registration and ABN application. You can check whether your SMSF's name has been used previously at Super Fund LookupExternal Link.

https://www.ato.gov.au/super/self-managed-super-funds/setting-up/register-your-fund/

 

Imprtant Observations: Compay Registration is complete, however the Fund & ABN not registered yet, the deed is yet to be executed.

 

If the deed is not executed yet, ask Cleardocs if they can just re-issue with a new SMSF name  -  if ATO does not permit the original name.

 

 

 

Devotee

Replies 2

@Bruce4Tax 

 

Thank you as always for your expert inputs Smiley Happy

 

"I would check with ATO before doing that, because ATO web site does not say you cannot do this:

 

Name of SMSF

The name of the SMSF that you put on the registration form must be the name that you used when you created the fund's trust deed.

We will check that you are able to use that name; if the name that you choose has already been used for an SMSF it may delay processing your registration and ABN application. You can check whether your SMSF's name has been used previously at Super Fund LookupExternal Link.

https://www.ato.gov.au/super/self-managed-super-funds/setting-up/register-your-fund/"

 

It Is Almost Guaranteed that the ABN & Fund Registration will be delayed, due the fact that another fund with the same name already exists since 2007, 

 

So to avoid the delays can they choose another name & execute the deed with a different name?

 

they spoke to Cleardocs (Maddock Lawyer) advised that they (Cleardocs) will not be able to register ABN or Fund to ATO due to there is already a fund registered nor will be able to amend the name in their system, however provided the Deed document & other related docuemnts including the Corport Trustee Constitution and Minutes in a word format for the trustees to change the trust name & then apply for ABN and register fund to ATO.

 

The question is, at this point apart from Comany, no other entity is registered with ATO, so can they simply chose another name of the fund & register the Fund with New Name (Instead of going through all the troubles with ATO) & apply for ABN? (considering at this point apart from Document provider no one else knows what the name is on the deed)

Taxicorn Registered Tax Practitioner

Replies 1

 however provided the Deed document & other related docuemnts including the Corport Trustee Constitution and Minutes in a word format for the trustees to change the trust name & then apply for ABN and register fund to ATO.

 

I did not want to say this because of copyright issues, but if cleardocs have already said it is OK, then I guess it is.

 

Corporate trustee regn does not change, but consents, minutes and trust deed will change.

 

Cleardocs supply in PDF, so ( if they are OK with this)

 

1.  Open PDF file in Word  -  that will convert to .docx

2.  Seach and replace [wrong name] with [right name]

3.  Check formatting  -  sometimes thrown out by the conversion

4.  Print

5.  Execute

 

Devotee

Replies 0

@Bruce4Tax 

Thank you so much.