How Do You Set Up A SMSF?

Setting Up A SMSF

SMSFs are regulated by the Australia Taxation Office (ATO) and there are a number of responsibilities that Trustees must abide by.

Your accountant or financial planner can guide you through the correct process for setting up a self-managed super fund (SMSF), but the nuts and bolts of doing so are as follows:

Obtain a Trust Deed

SMSF is a special type of trust and therefore requires a Trust Deed. The Trust Deed covers areas such as:

  • The fund’s objectives
  • Who the trustees are
  • Who can be a trustee
  • How trustees are appointed or removed
  • Who can be a member
  • When contributions can be made
  • How benefits can be paid (pension or lump sum) within SIS Act requirements
  • When benefits can be paid
  • How to appoint professional advisers (such as an auditor)
  • The procedures for winding up a fund

Appoint a trustee

All members need to be trustees or director of the corporate trustee.

Sign the trustee declaration

This is to declare that the trustee understands the duties and responsibilities as trustee.

Lodge election with regulator

After signing the Deed, the trustees need to lodge the election notice, within 60 days, with the regulator in order to become a regulated superannuation fund.

See CANSTAR's Guide on SMSF Solutions

Corporate Fund Assets

The trustees hold the fund’s assets in trust for the benefit of the members. Members can contribute fund assets in cash or transfer of assets. Members can also rollover the retail superfund to their SMSF.

Nominate members

Record each member’s TFN.

Apply TFN, ABN, GST (optional) with ATO

Open a bank account

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