Tips for choosing your SMSF name
Over our years of experience, we have identified a number of tips for what to include in your SMSF name:
- Choosing a unique name for your SMSF can expedite the ATO's processing of your ABN/TFN application. Common names (e.g.: Smith Family Super Fund) may result in a minimum processing time of 8 weeks. To check the uniqueness of your preferred name, visit the Super Fund Lookup website.
- Don’t start your SMSF name with “The” or use punctuation or special characters - this can confuse government databases and searches, and slow down the establishment process.
- Keep it short. The assets of the fund will generally need to be recorded in the name of the trustees on account of the superannuation fund. The longer the fund name, the more likely a third party provider (eg a bank) will truncate the name leading to confusion.
- If the SMSF paperwork doesn’t match the name used in the individual’s other affairs, it can lead to unnecessary delays in the ATO’s registration of the fund and also in the rollover of monies to the SMSF.
- Avoid using punctuation such as apostrophes, commas or exclamation marks unless they form part of a name as only some third party provider computer systems can handle them.
- The fund name will be available on publicly searchable databases. If you have a public role and an unusual name, we recommend not using your surname.
- The fund does not need to have 'Superannuation,' 'Super,' or 'Fund' in the name. While not a requirement, using these words is very common and provides an easy way to identify the SMSF among other entities.
Naming an SMSF corporate trustee company
Whilst there are no specific rules on the fund’s name, if the fund will have a corporate trustee, there are rules which limit the corporate trustee’s name. Unlike SMSFs, each company must have a unique name and certain words are effectively banned including “trust” and “trustee”. Please refer to ASIC to check the availability of a preferred company name.
Is it possible to change an SMSF’s name?
Whilst not common, the trustee of an existing SMSF may wish to change the fund’s name following a change in circumstances (eg divorce). Changing the name is possible and relatively straight forward with the assistance of a deed provider (Heffron can assist here), but the flow-on administrative requirements can be time-consuming. This is because the name on all of the assets of the fund will need to be changed. The ATO, the members and any employer contributing to the fund will also need to be notified. Choosing a name which you’ll be happy with for life may be a better option.
