SMSF Director ID
The SMSF (Self-Managed Super Fund) Director ID is a unique identifier that is assigned to individuals who act as directors of SMSFs. This identifier is used to monitor and regulate SMSF trustees and ensure that they are fulfilling their obligations under the Superannuation Industry (Supervision) Act 1993.
The SMSF Director ID was introduced by the Australian Taxation Office (ATO) in 2013 to improve the accountability and transparency of SMSF trustees. The ID is mandatory for all individuals who act as directors of an SMSF, and it must be quoted on all SMSF annual returns and other relevant ATO forms.
To obtain an SMSF Director ID, individuals must complete an online application on the ATO’s website and provide their personal details, including their full name, date of birth, and contact information. The ATO will then verify the information provided and assign an SMSF Director ID to the applicant.
One of the main benefits of the SMSF Director ID is that it helps the ATO to monitor and enforce the compliance of SMSF trustees. The ATO can use the SMSF Director ID to track the activities of individual trustees and identify any instances of non-compliance. This can assist the ATO in ensuring that SMSF trustees are following the rules and regulations set out by the Superannuation Industry (Supervision) Act 1993.
It is important to note that the SMSF Director ID is a personal identifier and is not transferable. If an individual stops acting as a director of an SMSF, their SMSF Director ID will no longer be valid.
In conclusion, the SMSF Director ID is an important tool for the ATO to monitor and regulate SMSF trustees. Obtaining an SMSF Director ID is a straightforward process and is mandatory for all individuals who act as directors of an SMSF. By obtaining an SMSF Director ID, individuals can demonstrate their commitment to complying with the rules and regulations set out by the Superannuation Industry (Supervision) Act 1993.
References:
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- Australian Taxation Office (2021). Self-managed super funds (SMSFs). https://www.ato.gov.au/Super/Self-managed-super-funds/
- Superannuation Industry (Supervision) Act 1993. https://www.legislation.gov.au/Details/C2021C00036
- Australian Taxation Office (2021). SMSF Director Identification Number (ID). https://www.ato.gov.au/Self-Managed-Super-Fund-Portal/Trustees/SMSF-Director-Identification-Number-ID/
Disclaimer: This information should not be considered personal financial advice as it is intended to provide general advice only. This factsheet has been prepared by SuperHelp Australia Pty Ltd without taking into account your personal objectives, financial situations or needs.
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Why is SMSF Set up so affordable at SuperHelp?
SuperHelp has been servicing the SMSF market for over 15 years. We pride ourselves on being able to provide an affordable SMSF service without compromising on quality. One of these services is to provide new members with setting up their SMSF at an affordable fee when they use our award winning service.
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Unlike other SMSF administrators and accountants we do not restrict you to what bank, broker or service provider you use. We are independent and do not take any commissions from other parties so that our clients can invest their super where they please.
How long has SuperHelp been around for?
SuperHelp have been around since 2002 - so over 15 years! While new SMSF administrators have come and gone, we are still around!
Do you offer any other SMSF services?
Yes we do! You can see a full list of SMSF services on our services page.