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Junior Member
Group: Forum Members
Last Login: 25/05/2009 8:05:41 PM
Posts: 1,
Visits: 4
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| I am in the process of setting up my smsf which has a corporate trustee. After receiving the documents from my solicitor with a covering letter saying that the trustee company needed to obtain a trust TFN, I rang the ATO to confirm that I needed two TFNs - one for the trustee company and one for the fund. "Yes" was the answer. I asked which TFN I give to the bank account of the fund. "The TFN of the trustee company" was the answer. While querying another point at the Australian Business Register (which administers SMSFs) I was told that this information was totally incorrect. "Only one TFN (with an ABN) is needed for the fund itself and this is the TFN to give the bank account - no TFN is needed for the trustee company". I rang my solicitor who confirmed the original advice that both the fund and the trustee company needs an TFN. I cannot believe the conflicting advice I am receiving from all the so-called "experts". I am going to write to the ATO asking them to look into the matter and give me some correct advice. Needless to say, I am very annoyed that the ATO are releasing press reports stating that a high proportion of SMSFs are not complying. How does anyone have a chance of complying if the information coming out of the government departments that administer smsfs is inconsistent?
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MySF Administrator
Group: Administrators
Last Login: 29/01/2012 4:16:49 PM
Posts: 208,
Visits: 958
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My view is both the Company and the SMSF are legal entities. Therefore both need a Tax file number. This is the same as if you had a two member fund - each member would have their own Tax file number and the Fund would also have its own.
The TFN that the bank will need is the one for the Fund. This is because it is the operating entity.
Having said all this I would love to see what the ATO has to say.
Regards
MySF
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