Checklist for setting up an SMSF

An SMSF can help you take control of your super and get your super fund really working for you, helping you reach your investment goals sooner. But it is very importnat that it is set up correctly.

This checklist, video and fact sheet might help yo set it up correctly so that it’s eligible for tax concessions, can receive contributions and is as easy as possible to administer.

  • Consider appointing an SMSF professional to help you
  • Decide whether the fund will have individual trustees or a corporate trustee
  • Create the trust and trust deed
  • Appoint your trustees and make sure each trustee signs a trustee declaration
  • Record each member’s tax file number
  • Register your fund with the ATO
  • Set up a bank account for the fund
  • Register with an SMSF SuperStream messaging provider to receive employer contributions if required
  • Prepare an investment strategy
  • Prepare an exit strategy

Setting up an SMSF

Setting up an SMSF

Download Checklist

How to set up an SMSF

To take full advantage of any eligible tax concessions, it is important that you set your fund up correctly and follow all the rules and regulations.

  1. So what do you need to set up an SMSF – surprisingly not much
  2. Develop a suitable investment strategy.
  3. Set up a separate bank account for your fund
  4. Appoint your fund trustees
  5. Create a trust deed for the new fund
  6. Register your fund with the Australian Tax Office
  7. Arrange for any existing super to be rolled over to your new fund

One of our Superannuation experts can assist you with any questions or issues you come across and we can also set your fund up for you.

The Australian Taxation Office website has a huge amount of resources and information for potential and existing trustees – check out the website and their social media channels.

What you’ll need to set up an SMSF

When you have done all your own research, asked all your questions and you are satisfied you are ready to go forward with your own SMSF here is a list of what you will need to get started:

  • The name for your fund
  • All the names, dates of birth, address details and tax file numbers of each member of your fund
  • If you have decided to use a corporate trustee, you will need the name when we register this companyDocuments you can use to identify yourself and each member of the fund, for example a driver’s licence, Medicare card or passport.
  • Documents you can use to identify yourself and each member of the fund, for example a driver’s licence, Medicare card or passport.

Things to Consider

There is a lot to think about and a lot to consider before you decide to set up an SMSF.  It may help to have a trusted adviser or an accountant to help you with any questions and the initial start up.

Here are some questions and things to consider before setting up your SMSF:

  • How much super do you currently have in any retail or industry funds?
  • How many members will be joining the fund and how old are they?
  • How much time do you, as the trustee, have to spend on your SMSF?
  • What is your retirement goal?
  • Do you have an investment style or any preferences?
  • What is your investment risk profile?

Give us a call or email to discuss your SMSF needs.

Setting up and managing your own SMSF can be a daunting and expensive task, especially if you get it wrong.

Got a question?  Or to book a FREE appointment to discuss your situation, drop us a line to discuss your personal situation.

Email or Call 08 9492 2000
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