Setting up a Self-Managed Super Fund (SMSF)

We can help you to set up your SMSF correctly.

A Self-Managed Super Fund puts you in charge of your own superannuation. You are in full control of investment strategies, but you are also responsible for making sure the fund is fully compliant with Australian super and taxation laws. There are lots of rules regarding the setup and management of SMSF's, and there can be severe consequences for non-compliance. It's a big responsibility, and we're here to help you get it right.

An SMSF is a special type of trust fund with the sole purpose of providing retirement benefits to its members. It must be set up correctly to ensure it is eligible for tax concessions, can receive contributions, and is as easy as possible to administer and maintain.

There are some key steps involved in setting up a Self-Managed Super Fund, including:

• Choosing and appointing trustees
• Creating the trust and trust deed
• Checking your fund is an Australian complying super fund
• Registering the fund with the ATO
• Preparing a SMSF investment strategy
• Preparing an exit strategy

We can provide you with the professional advice you need to have your own fund and even simplify the process for you. We can also refer you to our specialist investment advisors who can help you to prepare compliant SMSF investment strategies to suit your circumstances and life stage.

Choosing and appointing trustees

When setting up a Self-Managed Super Fund, you can choose between individual trustees or corporate trustees. The two structures differ in terms of membership and trustee requirements, set up and administration costs, ownership of fund assets, separation of assets, penalties for non-compliance and succession. This is the first decision you will need to make when setting up a SMSF, and it's important to get it right. We can help you to understand all the implications and what they mean for you so that you can make the right choice for your circumstances.

Creating the Self-Managed Super Fund trust and trust deed

The trust deed is a legal document that covers how to establish and operate your SMSF. It includes the rules regarding how contributions and investments will be made, how payments will be made to members and under what circumstances it can be wound up. It is the responsibility of the trustees to ensure the deed is executed correctly under the law.

Checking your fund is an Australian complying super fund

Your fund needs to qualify as an Australian super fund to receive tax concessions. If at any time during the year your fund does not comply with Australia super law, it's income and assets will be taxed at the highest marginal rate. Your fund could take a big hit if this happens. We'll be in your corner to make sure your fund does comply.

Registering the fund with the ATO

There are rules governing when and how you need to register your fund with ATO, including obtaining an ABN. We can register your SMSF and apply for an ABN on your behalf. We'll make sure this process goes smoothly because we are experts in the setup of SMSF's and we know what the ATO need in order to register your fund.

Preparing an exit strategy

When setting up your Self-Managed Super Fund, it's important to think about what will happen when it winds up, or ends. If this isn't well documented in your deed, your fund may become difficult to manage. SMSF's end for all kinds of reasons including a relationship breakdown between members, illness or accident that leaves a member incapacitated, or the death of a member. We can help you to incorporate an exit plan that will cover such unexpected events so that your fund can continue to function should any of these things happen.