How to open accounts for your SMSF
Obtain a Trust Deed
A Trust Deed is a legal document that sets out the rules for establishing and operating your fund. We’ll need to see the Trust Deed before we can open any accounts for the SMSF, and keep a copy for our records.
If you don't already have a Trust Deed, contact a NAB Financial Planner* who’ll discuss your goals, provide advice, and help you establish your fund.
Visit your nearest NAB Branch
Once you have your Trust Deed, bring the original or certified copy with you to your nearest NAB Branch to open your accounts in the name of your SMSF.
If it's not part of your Trust Deed, you'll also need to bring an original or certified copy of the list containing the full name of the fund members (or applications for membership to the fund).
If a company is acting as trustee we may need to complete a company name search, which incurs a name search fee. For more information refer to our Guide to Business Banking Fees and Charges.
Provide us with the TFN & ABN of the SMSF trust
You'll also be asked for the Tax File Number (TFN) and Australian Business Number (ABN) of your SMSF. You don't have to provide us with this information, but if you choose not to we may be required to collect withholding tax on the interest you earn.
You'll need to apply for a TFN and ABN for your SMSF once it has been registered with the Australian Taxation Office (ATO) – if you don't have this information with you while at the branch you can provide us with the TFN and ABN at any stage after by visiting your nearest branch or calling 13 22 65, 8am - 7pm Mon-Fri and 9am - 6pm weekends (AEST/ADST).
This means that withholding tax will apply on any interest you earn on your NAB Cash Manager or NAB Term Deposit account up until the date you provide us with your TFN and ABN.
Provide 100 points of ID and signature specimens for any Trustees who are new to NAB
We’ll need to see 100 points of ID and collect signatures for any trustees of the fund who are new to NAB. There may be additional paperwork that you’ll need to complete, so you may want to have all of the trustees in the branch when opening your accounts.
Consider NAB Internet Banking:
You can ask to be set up with access to NAB Internet Banking, which gives you access to online banking, online statements and other payment options such as BPAY and periodical payments.#
You can either establish new NAB Internet Banking log in details for your fund, or if you're already our customer you can request to be set up to view your SMSF accounts via your personal log in details. Remember: your SMSF funds should be held separately from your own assets, so make sure you easily see which accounts are your personal accounts and which belong to the fund – to distinguish between the two you can easily set up different account nicknames in NAB Internet Banking.
Once your fund has been established and your accounts set up you may like to consider:
Want to know more?
If you would like to know more or have any questions, simply head into your nearest NAB Branch or give us a call on 13 22 65, 8am - 7pm Mon-Fri and 9am - 6pm weekends (AEST/ADST. We'll be happy to help.