How to set up your SMSF in 7 easy steps

24 Jan 2015
So you’ve decided that an SMSF is right for you. Congrats! Here’s how to get things going
  1.  Decide on whether you’re starting with just yourself, or with up to 3 others to be members of the new SMSF.
  2. Decide on who you would like the trustee to be – individual trustees or a corporate trustee?
  3. If you decide a corporate trustee is right for you, set up the company with ASIC.
  4. Set up the SMSF using a trust deed. Sign all the paperwork.
  5. Apply to the ATO for an Australian Business Number and a Tax File Number.
  6. Open a bank account in the trustee of the SMSF’s name, and any other accounts that you need (e.g. stockbroking).
  7. Prepare an investment strategy.

Now you’re ready to go! Once the ABN and TFN are issued by the ATO, you’ll be able to contribute to your fund (directly or via an employer) and you can also apply to have any existing super transferred from another fund.

Need help? We can assist with the setup of your new fund. Call us on 02 8302 3600.



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