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Registering an SMSF for an ABN

 An SMSF cannot be registered if no assets are held. Therefore:

•  If a member expects to receive a rollover, transfer or contributions in the near future, an SMSF can be established with a nominal amount (for example, $10). Once an ABN is issued, a bank account can be opened and the $10 deposited. The $10 is regarded as a contribution and allocated to a member.
• Where a member cannot contribute to the SMSF (for example, they are 65 or over and do not meet the work test), the ATO can apply an administrative discretion to allow this nominal contribution. In all cases, the nominal contribution must be allocated to the member solely for the purpose of registering the SMSF. The member must receive further money into the SMSF (such as a roll-over) before the end of the income year the fund was established.