Getting started with SMSF

Getting started with setting up an SMSF can be daunting as there are mandatory steps, rules and regulations. We can help make this process easier.

There are certain steps involved in setting up a SMSF that include specific rules and regulations. It is recommended that you seek the right assistance from us to increase the efficiency and effectiveness of this process.

The steps you will need to follow include:

1. Decide whether a SMSF is the right decision for you – a Financial Adviser can assess your situation and advise if a SMFS is appropriate.
2. Have a Trust Deed drawn up – this is a legal document which outlines the roles and responsibilities of the members of the Fund, the Fund’s goals and the conditions of the benefits of the Fund. It must be completed by a qualified Solicitor and it is important that it reflects the needs and objectives of the Fund.
3. Decide on your Trustees – the next step is to formally appoint the Fund’s Trustees. You may be the sole Trustee, or may appoint up to 4 individual Members or Directors (if there is a Corporate Trustee).
4. Fund Assets – your SMSF needs to hold assets in order for it to be established. Usually this is done with a contribution to the Fund when the Trust Deed is executed.
5. Trustee declaration – all new Trustees will need to sign a declaration within 21 days of being appointed.
6. Registration with the ATO – this includes obtaining a Tax File Number (TFN) and Australian Business Number (ABN), electing your Fund to be regulated and registering for GST (where applicable).
7. Bank account – you will be required to open a bank account in the name of your Fund to allow for cash contributions, Super benefits, and general operational management. It can also be used to pay the expenses and liabilities of the Fund.

To find out if an SMSF is right for you, please feel free to contact us.

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