Name On Investments - Individual Trustees

The superannuation law requires trustees to ensure that super fund assets are clearly distinguished from assets owned personally by the trustees. The simple way to comply with this requirement is to arrange all investments in the names of the trustees, as trustees of the fund. Note that ALL trustees must be included, so whether there are two, three or four trustees, all of them must be named on the investments. As different investment managers and statutory bodies often have different registration processes, some common examples of both correct and incorrect investment recordings are given below.

EXAMPLE - Peter Smith & Isobel Smith, trustees of Smith Family Superannuation Fund

CORRECT INCORRECT
Bank Account Peter Smith & Isobel Smith as trustees for Smith Family Superannuation Fund Peter Smith & Isobel Smith
Bank Account P & I Smith as trustees for Smith Family Superannuation Fund Peter Smith as trustee for Smith Family Super Fund
Investment Property Peter Smith & Isobel Smith as trustees for Smith Family Superannuation Fund Peter Smith & Isobel Smith
Investment Property Peter Smith & Isobel Smith as trustees under instrument Peter Smith as trustee for Smith Family Super Fund
Shares Peter Smith & Isobel Smith <Smith Family Super Fund A/C> Peter Smith & Isobel Smith
Shares Peter & Isobel Smith <Smith Family Super Fund A/C> Peter Smith <Smith Family Super Fund A/C>
Managed Funds Peter Smith & Isobel Smith <Smith Family Superannuation Fund A/C> Peter Smith & Isobel Smith
Managed Funds Peter & Isobel Smith <Smith Family Superannuation Fund A/C> Peter Smith <Smith Family Super Fund A/C>

Abbreviations are quite acceptable, provided the ownership remains clear.

This area is one where the ATO is very insistent that the names are correct. That means correct on EVERY bank account and EVERY investment. Failure to do so will result in an audit qualification on the tax return and lodgment of an Audit Contravention Report by the auditor.

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