Account designations apply to Trust and Self Managed Superannuation Fund (SMSF) accounts. For these account types, shares must be registered in the name of the trustee(s), with the trust or fund name included in the account designation field.
The account designation is typically shown alongside the registered CHESS name, contained between two chevrons (<>), and always ends with the abbreviation 'A/C' (meaning 'Account').
When adding an account designation to your application, you do not need to include the chevrons (<>) or the A/C abbreviation these are added automatically.
Examples
Smith Family Pty Ltd as trustee for the Smith Family Trust
Registered CHESS name: Smith Family Pty Ltd Account designation: <Smith Family A/C>
Smith Family Pty Ltd as trustee for the Smith Family Superannuation Fund
Registered CHESS name: Smith Family Pty Ltd Account designation: <Smith Family Super Fund A/C>
Using abbreviations
CHESS imposes a 30 character limit on the account designation field, so abbreviations can be used where needed. For example, Smith Family Pty Ltd as trustee for the Smith Family Superannuation Fund could be abbreviated as:
Registered CHESS name: Smith Family Pty Ltd Account designation: <Smith Family SF A/C>
Prohibited words and phrases
CHESS rules (refer to section 1072E(10) of the Corporations Act) do not permit the word 'trust' as part of an account designation, whether express, implied or constructive. The following words, phrases and abbreviations are not permitted:
'AS TRUSTEE FOR' | 'TRUST' | 'ATF' | 'AS CUSTODIAN FOR' | 'TESTAMENTARY' | 'ACF' | 'TEST'