Don’t be put off the negative comments from big super funds about managing your own fund. With the right people in your corner, SMSF set up is simple and the first step to building your retirement savings. SMSFs are different to other types of super funds, because the members of the fund are usually the trustees. As a member and the trustee, you’re responsible for complying with tax and super laws.
You need some smarts to organise SMSF set up, but it’s not out of reach. We’ll deal with the legal requirements to arrange your:
trust deed and Corporate Trustee
Australian Business Number (ABN) application and TFN
notice of election to become a regulated fund
minutes, membership application forms and member advice notice
fund bank account
share broking account for buying and selling shares (if required).
Establishing your SMSF is done on a fixed price structure. You know exactly what you’re paying and why. Once only set up costs:
SMSF for individual trustees: $550 (includes Trust Deed, all documentation and GST)
Corporate Trustee Company: $968 (including GST)
Corporate Trustee and SMSF: $1518 (including GST)
SMSF's can operate with only one member or up to 4 family members.
Your personal circumstances are unique, and you should always get, professional advice from qualified SMSF advisors. Top tips on how to set up a fund to take control of your super:
get advice from a SMSF specialist advisor who is up to date with compliance laws, and smart super and tax strategies
assess your needs and apply for insurance – this will include lifeinsurance, total and permanent disability (TPD) insurance and income protectioninsurances
work with a team who stay in touch and are proactive – not someone youonly hear from when something goes wrong
choose the structure that works for you – individual trustees (up to 4)or a corporate (company) trustee acting for the entire fund
look for a specialist with expertise in member and trustee requirements, ownership and separation of assets, penalties and succession
You don’t need to become a superannuation expert to have a SMSF. But you do need to partner with the right SMSF specialist.
If you’re rolling over other super fund balances to set up a SMSF, or transferring an existing SMSF, we’ll manage the transfer for you. No awkward phone calls –as ethical administrators, we advise your fund in writing and transfer all your information to our systems. Simple and seamless.
With your set up sorted, it’s time to get across administration for a smooth running fund, including annual audit, tax return preparation and lodgement and financial statements.