StakeHow to set up a Stake SMSF account - Grow SMSF

December 1, 2020by Kris Kitto0

If you have an existing Individual Account with Stake setting up a Stake SMSF account is easy.

If you don’t already have an Individual Account, you should firstly set one up here to ensure the SMSF setup process runs smoothly.  It’s a mandatory part of the SMSF account set up process to have an existing individual account.

Stake SMSF Account Eligibility

Your SMSF is eligible to set up an account with Stake provided its status with the ATO is either Registered or Complying. You can check the status of your SMSF by searching Super Fund Lookup.

You cannot set up a Stake SMSF account where the status of your fund has been changed to ‘Regulation Details Removed’:

Super Fund Lookup SMSF Regulation Details Removed

 

 

Login to Stake via web

To set up a new SMSF account you need to login to Stake via your web browser.  You cannot set up a new SMSF account via the Stake app at this time.

https://trading.hellostake.com/sign-in/

Navigate to Account > Add Account

Stake Add Account

Select Australia as Your Country and SMSF as Account Type
Select Country and SMSF Account Type

Link to existing account?

You have a choice to set up a new login with a different email address for your SMSF, or to link your new SMSF account to your existing email address that you already login with for your SMSF account.

For most people, we suggest they stay logged in and click Continue:

This means only your current email address can be used to access the SMSF account (i.e. other trustees or members of the SMSF will not be able to access the SMSF account under their login).

If you want a separate login solely for your SMSF account, select “Logout”.  You will be prompted to set up a new account which will be solely for your SMSF. Please note this will also force you to set up ANOTHER individual account as the ‘master account’ under a separate login.

 

Select SMSF Trustee Type

Your SMSF will either have 2,3 or 4 individual trustees or a Pty Ltd company as trustee.

You need to ensure you select the correct trustee type.  If you are unsure you can either check with your accountant or check against an existing bank or investment statement to confirm the trustee name.

Stake SMSF Individual Trustees Company Trustee

SMSF with Individual Trustees

Enter SMSF Details

When you select Individual, you will next enter details of your SMSF:

  • Full SMSF Name
  • ABN
  • TFN

Stake SMSF Account Details Name ABN TFN

It’s EXTREMELY IMPORTANT these details are entered correctly to avoid processing delays with your new SMSF set up.

You can check the name and ABN of your SMSF via Super Fund Lookup:

https://superfundlookup.gov.au

You must enter the SMSF name as it appears on Super Fund Lookup (excluding “The Trustee For”).  Do not abbreviate ‘Superannuation Fund’ to ‘Super Fund’ or ‘Superfund’ etc – enter the SMSF name as it is registered, for example:

Example ABN Lookup Details

Ensure the ABN is entered accurately.  As mismatch will cause a delay with your account setup.  If you cannot locate your SMSF ABN please contact your accountant or SMSF provider or check correspondence from the ATO to confirm details.

Although the TFN field is optional, we recommend you enter it. You can locate your SMSF TFN from correspondence from the ATO, form a prior year SMSF tax return or from your accountant / SMSF provider. 

 

Add Trustee 2 Details

When you create a new SMSF account, your individual account details are already pre-filled as Trustee #1 and do not need to be re-entered. 

Ensure all details are accurate. Any incorrect details will slow the set up of your new SMSF account.

SMSF Account Trustee Two Details

Where there are additional individual trustees of your SMSF, select ‘Yes’ and complete the same process for them.

If there are only two trustees, click No and complete the final steps of your application, electronically sign and submit.

 

SMSF with Company Trustee

Enter Trustee Company Details

When you select Company, you need to enter the following information for the SMSF:

  • SMSF Name
  • ABN
  • TFN

And the following information for the trustee company:

  • Company Name
  • Company ACN
  • Registered Address & Business Address

It’s very important the details for both the SMSF and Company are entered accurately.  Any incorrect information will significantly delay the establishment of your SMSF account.

You can check the name and ABN of your SMSF via Super Fund Lookup:

https://superfundlookup.gov.au

You must enter the SMSF name as it appears on Super Fund Lookup (excluding “The Trustee For”).  Do not abbreviate ‘Superannuation Fund’ to ‘Super Fund’ or ‘Superfund’ etc – enter the SMSF name as its registered.

You can check the name and ACN of your trustee company via ASIC:

https://asic.gov.au/online-services/search-asics-registers/companies-and-organisations/

The Trustee Company Name and ACN must be entered exactly as they appear on the ASIC register, for example:

SMSF Account Company Name Stake

Please note that the Registered Address of the company will often be physical location of your accountants office if they hold the physical company register and/or act as your agent with ASIC.

When you enter the Registered Office address this should match what ASIC has listed.  

Where the suburb and postcode is different to your home address, you should untick ‘This is also my place of business address’ and enter your home address as the company place of business address.

SMSF Company Trustee Details

Company Officer Details

 

Your SMSF trustee company will have 1 or more directors.  

Stake SMSF Trustee number 1

If you are the only member of your SMSF, select ‘Sole Director’ then click next to finalise the application by signing your name.

 

Additional Directors

Where there are 2 or more members / directors, you will need to enter the details of the other directors.

SMSF Stake Director 2

 

Employment details director two

Even if the second director will not actively be access the Stake SMSF account to make trades, their details will still need to be entered as they will need to authorise the establishment of the account with both Macquarie and DriveWealth as our US broker partner.

 

After Application is Submitted

When your SMSF application is submitted Stake will review and as your agent submit an application to Macquarie for the establishment of a linked Cash Management Account that will act as the AUD wallet for your SMSF Stake account.

All trustees / directors of the SMSF will receive an email to confirm and authorise the application.

The speed it takes Macquarie to set up and make your new account active will depend on the accuracy of the information you’ve entered.  

The most common errors that need to be resolved are incorrect trustee company details (Company name and ACN), incorrect SMSF details (SMSF name and ABN) as well as incorrect dates of birth for the individual trustees or directors. 

Once your account is set up you will receive a confirmation email and can transfer funds to the new Macquarie account and then onto the Stake USD wallet.

Don’t have an SMSF?

If you don’t have an SMSF, however you’re interested in setting up an SMSF, you can learn more about doing so here: SMSF Setup

More details about the ongoing service for a Stake SMSF can be found here: Stake SMSF (Note that this is NOT the Super by Stake service that is being launched in 2021).

 

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