SMSF Basics – How to set up SMSF – Self-Managed Super Fund

SMSF Basics – How to set up SMSF – Self-Managed Super Fund

SMSF Basics – How to set up SMSF – Self-Managed Super Fund

Setting up an SMSF is an important decision and has several considerations BEFORE you decide an SMSF is for you, or have had discussions with your financial or tax agent advisor and conclude an SMSF may be a suitable part of your strategy for wealth creation and the retirement you want.

Here is a simplified layout – Step by Step: (sections of the SIS Act and Regulations are given, eg S104A) –

  Preparation – what is involved and suitability

  1. Consider options, seek advice, your time, skills
  2. What Trustee Type and Eligibility (over 18, no legal disability, not disqualified, no convictions) individuals, corporate (preferred and more stable for succession planning)
  3. Member numbers – single, multiple
  4. Trust Deed, order/have written
  5. Slides – our FREE slides to explain more – SMSF Roadmap Overview

2.   Starting the SMSF

  1. Commence the SMSF by executing the Trust Deed
  2. Application for ABN, TFN and Regulation by ATO
  3. ATO Trustee Declarations signed and kept 10 years S104A
  4. Bank Account opened in name of SMSF – MUST segregate super money from personal
  5. Roll-in monies – request from your current super funds, and/or contribute own monies and assets as allowed Reg 7.04
  6. Decide if you will keep insurance in your current commercial super fund (leaving a small balance there to maintain insurance cover), or get quotes to pay from your SMSF and roll the full super over (call us to find out why this is an important consideration)
  7. Organise Employer to contribute to your new SMSF bank account – Complete Standard Choice form, from ATO
  8. Investment Strategy decided and write – Reg 4.09.

3.   Operate SMSF – each year from the start

  1. Manage contributions from employer or personal, and roll-ins from Super Funds
  2. Invest monies as per your Investment Strategy Reg 4.09
  3. Life & TPD Insurance Requirements can be paid by SMSF if required
  4. Maintain Record keeping, mail, banking – S35B
  5. (When later required) – Pensions (benefits) min. payment, documented, application, minutes, actuary certificate (if applic), pension payments – Sub Reg 1.06 (9A)
  6. Further Compliance tasks, meeting minutes for major decisions eg change in investment strategy, keep 10 yrs – S103
  7. Organise annual return, audit at year end – S35B, S35C(2)(d).

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and Youtop right hand side above.

Call 0407 361 596


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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