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Home / SMSFs / SMSF administration / Setting up an SMSF

Setting up an SMSF

Setting up an SMSF

It’s important for fund trustees to set up a self-managed super fund (SMSF) correctly to ensure that it is compliant with superannuation legislation. This ensures that the fund will be eligible for the tax concessions available under Australia’s superannuation system. All of the members of an SMSF must also be trustees of the fund.

Firstly, it’s important that the fund is set up to satisfy the sole purpose test that underpins Australia’s superannuation system. To satisfy this test, the fund must be set up for the sole purpose of providing retirement funds for its member/s.

Important tasks and decisions for trustees when setting up an SMSF include:

  • choosing fund members
  • choosing the trustee structure for the fund (i.e. individual or corporate),
  • creating the SMSF trust deed,
  • applying for an Australian Business Number (ABN) and registering the fund with the Australian Taxation Office (ATO),
  • setting up an SMSF bank account,
  • getting an electronic service address and arranging for member contributions and rollovers,
  • creating an investment strategy,
  • creating an exit strategy, and
  • appointing an independent auditor who is licensed by the Australian Securities and Investments Commission (ASIC).

It’s worthwhile to obtain professional advice from an SMSF service provider to help you set up your fund. They can also help you to manage your fund if necessary to ensure your ongoing legal compliance.

It’s important to understand that there are both set up and ongoing costs associated with SMSFs.

Set out below are the latest articles that relate to setting up an smsf.

PremiumSMSFs structures: Corporate or individual trustee?

SMSFs structures: Corporate or individual trustee?

November 29, 2021

Corporate trustees are becoming increasingly popular with SMSFs, but an individual trustee structure also has its merits.

PremiumSMSF setup guide: 9 steps you need to follow

SMSF setup guide: 9 steps you need to follow

November 15, 2021

SMSFs offer more control than other super funds, but strict rules apply. Follow our 9-step guide to ensure your fund complies with all your legal obligations from the outset.

PremiumChoosing an SMSF service provider

Choosing an SMSF service provider

July 20, 2021

Running your own self-managed super fund has many benefits. But unless you have a high degree of SMSF and investment knowledge, as well as plenty of time available to manage your fund, you’re likely to need some professional help. Here we look at the factors you’ll need to consider before you choose a provider.

PremiumHow much super do you need to set up an SMSF?

How much super do you need to set up an SMSF?

December 3, 2020

SMSFs can cost a bit to set up, but the latest research shows they quickly become cost effective to run.

PremiumThe SMSF trustee declaration explained

The SMSF trustee declaration explained

June 1, 2020

An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director.

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