Making the decision to establish a SMSF is the difficult part – actually establishing it is relatively straightforward if you talk to an expert.

Our SMSF consultant will meet with you to determine your objectives of having your own fund. The consultant’s role is to help you identify whether a SMSF is suitable for you based on your financial freedom time frames and investing strategy.

While the benefits of maintaining your own fund are excellent it does require discipline, knowledge and time. It also incurs costs including preparation of financial statements, tax return and regulatory return with the ATO. The trustees must also appoint an auditor annually.

The 7 Step SMSF Set Up Process

1. Determine the members remembering there can be one to four members
2. Determine who the trustee will be whether individual members or a trustee company with all members as directors
3. Order the deed
4. Apply for the Australian Business Number, tax file number and Election to be a regulated fund with the ATO
5. Open a bank account
6. Develop the investment strategy in writing
7. Request funds to be rolled in from the retail fund if appropriate

Costs to establish your SMSF, including the trustee company include:

• Preliminary Client Meetings
• A current trust deed
• Membership Applications
• Commencement Minutes
• Tax File Number
• Australian Business Number

Once the bank account is opened and approval is received from the ATO that your SMSF is a Complying Fund, you can then receive rollovers from your other superannuation funds.  To do that, contact your existing superannuation fund and request a rollover application form, complete it and submit it as soon as possible.

For more information on how Self-Managed Super Funds work, call our office on 1800 WEALTH (932 584).

See Also:

• Wealth Creation Plan
• Protect Your Assets
• Costs of Maintaining
• SMSF Audit
• SMSF Borrowing
• SMSF and Property