The information below will help you complete the new SMSF order form via the Grow SMSF portal.
Contents
Accessing Order Form
To access the New SMSF Order Form, you must sign up or login to the Grow Portal (portal.growsmsf.com.au)
You can save your progress at any stage during the order and return later if required.
Information Required
The following is a checklist of what you will need to complete the online order for a new SMSF:
A name for your SMSF and trustee company;
The following information for individuals who will be a member of the SMSF:
Full legal name*;
Date and place of birth;
Email address;
Mobile number;
Tax File Number (TFN);
Occupation details;
Credit/debit card details for payment;
(Visa, Mastercard and AMEX are accepted)Driver's licence or other Australian ID to verify your identity.
*If your name on your identification doesn't match what the ATO has on file, please get in touch with us for guidance.
New SMSF Order
SMSF Name
Although it is not a legal requirement that an SMSF name be unique, choosing an identical name to an existing one could delay your SMSF registration approval with the ATO.
Search Super Fund Lookup to see if your chosen SMSF name is unique.
It's also recommend you don't include the word "Trust" in your SMSF name to avoid confusion with other types of trusts such as family trusts and bare trusts.
SMSF Members
An SMSF can have 1-6 members, although most SMSFs will have only one or two members and usually, the two members are a couple.
There is no need to include children (regardless of age) even though they might be beneficiaries of the SMSF benefits in the future.
Additional members can be added in the future where necessary (fees may apply).
Grow SMSF Terms of Service
Grow SMSF is not licensed to provide financial advice, and submitting an SMSF order form doesn't constitute a recommendation to set up an SMSF.
Submitting the SMSF order form confirms that you've accepted our Terms of Service.
Primary Applicant Details
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Each SMSF with Grow will have a Primary Applicant. This person will be the main contact point for the SMSF setup process although all members of the SMSF will receive email updates. Enter all relevant details for the Primary Applicant.
Director ID
The Director ID field is mandatory on the order form for the Primary Applicant and any other member over the age of 18. Instructions on applying for a Director ID can be found here: https://support.growsmsf.com.au/en/articles/6034534-director-id-for-smsfs
If you've been issued a Director ID, but don't know what it is, if you reapply via the ABRS you will get a message with your Director ID:
If planning to use individual trustees for your SMSF please contact Grow SMSF for guidance on completing the form.
SMSF Order Summary
This section allows you to edit key details including:
SMSF name
Trustee company name
Address
Trustee structure (where members = 2)
SMSF Members
The Primary Applicant will be included as a member of the SMSF by default. You can add, edit and remove additional members (up to 6).
Bank and Investment Accounts
In this section you can nominate certain bank and investment platform accounts you have decided to use for your SMSF.
Grow may assist by pre-filling application forms for your SMSF from your instructions.
Company Trustee versus Individual Trustees
99% of the time, your new SMSF will be registered with a new special purpose trustee company. All new SMSF orders will default to a company trustee option.
A company trustee has the following advantages:
Enables SMSF to be set up with a single member;
Mandatory if the SMSF will purchase property (especially where borrowing);
Liability protection for trustees;
Fast SMSF setup process;
Suitable for SMSFs where the members are a couple, related persons or unrelated parties investing together;
Suitable for all investment types;
Ensures legal separation of assets from personal assets and investments;
Allows SMSF setup documents to be signed electronically anywhere in Australia;
Easy to add and remove SMSF members;
Single penalty only if there is a compliance breach compared to per trustee if individual trustees;
Reduced annual ASIC registration fees.
Existing Company as SMSF Trustee
In very limited circumstances, we can use an existing, dormant company as the trustee for your SMSF.
This option involves changing the company type with ASIC to being a special purpose company and updating the constitution so the company can only act as a trustee of an SMSF. Therefore, the company cannot be the trustee of another trust and cannot trade or operate in its own right.
This option is only available with prior approval from Grow. Please feel free to contact us for further information.
Review and Submit
Before finalising your new SMSF order you can review all key information on this page.
If required you can go back and make updates before making the payment.
Payment
The final step is to make payment via credit/debit card. Grow (via our payment partner Stripe) accepts VISA, Mastercard and AMEX.
Any questions about payment, please contact Grow.
Post Submission
Grow will only receive your new SMSF order once payment has been made. We aim to process all new orders within 1-2 business days.
All orders are reviewed by our specialist team to identify items which may prevent or delay the setup of your SMSF. Please note that due to these checks, you will not automatically receive any documentation to sign electronically.
Verify ID
After payment has been made you will one taken to your profile page to verify your ID.