However, it’s important to give the fund a suitable name, it warned and stated that when selecting a name for an SMSF, it’s best not use names that are identical or similar to another fund’s name.

For example, if rolling super benefits over from a retail or industry fund, trustees should avoid using that fund’s name for their own SMSF.

The name of the SMSF that is put on the fund’s registration form must also match the name used when the fund’s trust deed was created as this will prevent delays with the registration of the SMSF.

For more information on how to name an SMSF, go to Super Fund Lookup, which will identify if an SMSF’s name has been used previously or is similar to another fund’s name.

For additional information on setting up an SMSF, go to Register your fund and get an ABN or download the guide, Starting a self-managed super fund.