The Australian Business Register (ABR) has started to ask a new question of SMSFs applying for an ABN, ‘what is the value of assets held by the fund?’
For several years the ATO has been making it clearer that SMSFs can only apply for registered status, and for an ABN and TFN, once the fund hold assets. However this does cause some issues for SMSF trustees, which can experience difficulties in setting up bank accounts without an ABN or TFN for their fund.
There are a number of numbers and identifiers relating to super funds, some of which are relevant for SMSFs, and some of which are not.
Looking for the SPIN, USI, SFN or ABN for a particular super fund. See if it’s on our list of super fund numbers.
SPIN – Superannuation Product Identification Number
As the standard choice form includes the question “Superannuation product identification number (if applicable)” SMSF professionals will often be asked, “What is my SMSFs SPIN number?”.
The Superannuation Product Identification Number (SPIN) is a number used in the financial services industry and by government bodies for electronic communication. The purpose of the SPIN was to provide an identifier at the product level, separate from those identifiers at the entity/legal structure level, such as the ABN or SFN. So a super fund may offer a retail superannuation plan and an employer superannuation plan and each of these would have a separate SPIN for identification purposes. The SPIN was used as part of the superannuation surcharge reporting, and now has some role in the SuperStream system, though this is partially superseded by the USI.
It was not intended that SMSFs have SPINs, and so instructions for forms asking for a SPIN often include ‘if applicable’ or include instructions to write “not applicable”