Change a fund name just for Shrek of it

GET SILLY WITH SMSF

SPICING up retirement saving can be as simple as adding a splash of Aussie humour to the name of your self-managed superannuation fund.

Among the 600,000 SMSFs operating in Australia today are some clever, quirky and sometimes cheeky names.

There is the “naughty daddy superannuation fund”, “spending the kids’ inheritance super fund”, the “super-duper super fund” or “Shrek is green fund”.

Of course, nobody starts a SMSF just so they can choose an interesting name, but if it’s in your plans anyway, why not think creatively?

Peter Townsend, managing director of SMSF documents provider SuperCentral, said many people gave their funds funny names “because they can”.

“People don’t trade under self-managed superannuation funds, they’re almost an internal structure for holding investments. As a result, the name of the fund really doesn’t get out there in the public domain,” he said. Mr Townsend’s own SMSF is “the congaman” super fund. “I used to play conga drums in a rock band in the early ’70s and my mates used to call me congaman,” he said.

Some fund names have a purpose or a retirement dream, such as “make me rich super fund”, “kick back & relax super fund” or “I’m on a boat super fund”.

Others have a whiff of grovelling – “my beautiful wife superannuation fund” – while some are just weird: “cat lady gone crazy”, “Pooh Bear & Pluto”, “angry gnome and mystic chicken”.

You can see what’s out there, and perhaps get inspiration, at superfundlookup.gov.au.

SMSF names are revealed to the ATO and on some investment documents, and should avoid being obscene, defamatory, misleading, linked to royalty or government, or have the same name as an unrelated business.

Mr Townsend said it was a good idea to keep names short, don’t bother with “the”, use “super” instead of “superannuation”, and don’t use a name connected with your existing business. He said it was relatively simple and inexpensive to change the name if you wanted to remove an embarrassing name, or create a funny new one.

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