Setting Up Your SMSF
We’ve developed an easy to follow, step-by-step approach to get you started.
Set up your fund
Getting your SMSF structure right is very important for a good outcome. We’ll talk with you about what you want and then develop the structure you need. Once we have your approval to proceed, we take care of the application process and within a matter of days, your establishment documentation is ready to go. This includes:
Trustee and member applications, consents and declarations
Death benefit nominations
Trustee establishment minutes
Trustee investment strategy (set-up & compliance) minutes
Product disclosure statement
If you have nominated a corporate trustee, your kit will also include:
Director, Secretary and Public Officer consents
Share applications and certificates
SMSF registration appointment form
We recommend setting up a corporate trustee.
Registration with the Taxation Office
Once established, the fund is registered with the Taxation Office. As part of this process we apply for a Tax File Number (TFN), an Australian Business Number (ABN) and for Goods and Services Tax (GST) registration (if required).
Setting up a Bank Account
Once the fund has been established and registered, we can assist you to setup a bank account in the name of the SMSF to manage it’s operations and accept contributions and rollovers from other superannuation funds. Although we are happy for you to open an account with your preferred financial institution, should you wish, we can arrange for a Macquarie Cash Management Account to be opened in the name of the SMSF.
Develop your Investment & Insurance Strategy
It is a requirement that every SMSF have a documented Investment and Insurance Strategy.
The purpose of the strategy is to outline the plan that you will follow to achieve the SMSF’s investment and insurance objectives.
If you are unsure or would like some professional advice, our financial planners can help you. Investment advice is not commission based.
Start using your new SMSF
Rollover Existing Superannuation Accounts
After obtaining an ABN you are able to arrange for your existing superannuation benefits to be transferred to your new SMSF. We assist with all relevant forms and instructions for the rollover of your existing benefits.
Set up Life Insurance and TPD Policies
You should be aware that once you have requested the rollover of your existing benefits, any insurance policies associated with those will then be cancelled. Should you require new life or TPD policies, our trusted life insurance advisors will contact you to select and set up appropriate insurance policies.
Advise Employers of new contributing details
We will notify all contributing employers of your new SMSF details so that they can commence to pay your superannuation guarantee and other contributions to your new SMSF.
One of the key benefits of having your own SMSF is the flexibility and control around the type of investments your SMSF may undertake.
Assistance or guidance in investing your superannuation benefits is always available.
We can arrange for one of our Financial Planners to contact you.