The following is factual information; it is not a recommendation or advice to setup an SMSF.
The setup process involves:
A self managed superfund may have 1 to 4 members and a minimum of 2 trustees (unless the trustee is a company).
Go to our online application for a new SMSF, fill in your details and submit your application over the internet.
Setup fee is $0 if you choose Individual Trustees, if you require us to setup a Company to be trustee of the SMSF then a fee of $600 applies. Upon receiving your online application we will send you our invoice (if applicable), you can then pay our setup fee via EFT or with cash by visiting any bank and providing our bank details.
On receiving payment we will provide you with the necessary legal documentation to establish your self managed super fund. All you need to do is sign the documents. Attending to all aspects of the establishment process we will:
After we have established your SMSF the ATO will post the following documents out to you:
You may choose any bank to open a SMSF bank deposit account. A deposit account is used to receive rollovers, contributions, and investment earnings and to cover fund expenses (such as taxes and accounting fees) and to make investment purchasers.
Take your rollover cheque, confirmation letter from the ATO that your self managed super fund is established, your SMSF’s ABN & TFN, and a copy of your superannuation trust deed to your local bank to set up an appropriate account. Note: Trustees of a SMSF must keep money and other assets of the super fund separate from their personal assets. As such is it essential that a deposit account for your fund is opened.
After establishment of your SMSF, you may rollover your already existing superannuation to your new SMSF. The process of transferring existing superannuation to a new self managed super fund is as follows:
This is step is optional. You may setup a trading account with any online brokerage firm. This account is necessary if you want to purchase and sell shares and other securities.
After you have deposited the rollover cheque into your SMSF’s bank account you can start investing.