It is a legislative requirement that where a SMSF has
individual Trustees, it must have a Minimum of 2 Individual Trustees and a Maximum
of 4 Individual Trustees. The Individual Trustees will be responsible for running
the SMSF. Anyone over 18 can be a Trustee of a SMSF including a spouse, adult child
If you cannot find a second Individual Trustee over 18 you may select a Company to
act as a Trustee for your SMSF. In this case the Members of the SMSF will need to be
Directors of the Company Trustee. The Directors of the Company Trustee will be
responsible for running the SMSF. For your convenience, if you do not have an
existing Company and would like to establish a Company to act as Trustee for your
SMSF, we can set this up for you. Where the sole purpose of the company is to act as
Trustee for a SMSF (for a "special purpose") the annual ASIC review fee is reduced
to $55 per annum compared to $273 per annum for a company that is not a "special
From 1 November 2021, if you’re a director or want to become one, you will need
to apply for the new Director Identification Number (Director ID) being rolled
out by the Federal Government. Please click on the link below for further
information regarding the new Director ID.
We also provide instructions on how to apply for your Director ID.
How do I apply for my Director ID?
The fastest way to apply for your Director ID is to apply online using the
myGovID app. It's free and you only need to apply once. Follow the steps below:
Go to the ABRS website to access the
ABRS Director ID service and learn about the Director ID requirements.
If you establish your director ID online, and you have not already set up
myGovID, you will need to download the app onto your phone or device and
create an account (please note this is different to myGov). The myGovID does
not create your director ID - the app’s only purpose is to validate your
identity, and once validated, issue a code that can be used to identify you
on government online services without going through the same verification
process. myGovID uses your phone/device’s camera to scan your forms of
identification such as your passport, driver’s licence and/ or visa to
validate who you say you are. Be careful when you are scanning your
documentation as the system does not always read the scan correctly. You can
check the documentation requirements here: https://www.mygovid.gov.au/verifying-your-identity.
If you live outside Australia and can’t get a myGovID with a Standard or Strong
identity strength, you will need to verify your identity and apply for your
director ID by phone (13 62 50) or with a paper form and provide certified
copies of your identity documents.
Conduct a proof of record ownership by answering two questions about your
ATO record. You will need to have some information the ATO knows about when
you apply for your Director ID such as your Tax File Number (TFN),
residential address and information from two documents (such as bank account
details, an ATO Notice of Assessment, a dividend statement, a PAYG Payment
Summary or a Centrelink payment summary). If you need help locating any of
this information please contact our office and we can assist, or you can
obtain this information if you have a myGov account linked to the ATO.
Complete a Director ID application on the ABRS platform to receive the
Director ID instantly.
How can we help?
Please contact us if you need any assistance with your ID application. We cannot
complete the application for you but can assist if you need ATO documentation to
help prove your Identity. We can also help you understand the new requirement.
Please feel free to contact the office any time.