The bank has correctly opened it up in that case - it is you as trustee for the super fund so no problem. I think the Capt was saying the bank wouldn't open it up as XYZ Pty Ltd ATF XYZ Super Fund - in which case it may be a problem. Not definately but it may be.
Yes this what I'm getting at. I have a corporate trustee for my SMSF, not a personal trustee. At the end of the day it only costs about $125 pa for the SDB which I would be prepared to pay for myself and not the SMSF. My concern as Elemental eluded to is being compliant. I would much rather the SDB be in the corporate trustee's name and as myself as the director of the trustee being named as the key holder. The woman I was speaking to whilst trying to be helpful seem to be out of her depth. She tried getting clarification from different sources at the bank but seemed pretty certain that the SDB account could only be opened in a personal name and not a company.
Caput - a good mate of mine is a senior manager at Westpac and he thinks it should not be an issue. He has offered to get the bank manager at the branch to call you. If you want too, PM me your name, phone number and the branch you are trying to open it up at then I can pass those details on and he can arrange for the bank manager to call you. Or if you want I could probably get my mate to email you (so you can see it is all legit) - if you would be more comfortable just giving me an email address. Totally up to you but the offer is there. I've not specified why you want the SDB just that you want one in the name of a corporate trustee, that is all anyone needs to know.
We allow the reimbursement of set up costs, after all it is commonsense, we set up a company for a client day 1 (same day as smsf set up) and require payment from the member prior to setting up the company, makes sense for it to be reimbursed and this will be the treatment in the current year for the forum clients we have established SMSFs for. Cheers, Ivan