The best way to set up a SMSF, is firstly to establish why you are setting it up and what are you going to invest in. Accountants take the hassle out of setting up a SMSF, showing you how to set up a SMSF along with what is involved in setting up a SMSF, so you can make an informed decision. SMSF set up process, includes setting up the SMSF bank account (which is the hub of the SMSF) and the roll in of funds from other superannuation funds. SMSF trust deed needs to be established as well as a TFN and ABN from the ATO.
- Elect to set up a SMSF – Usually $200,000+ is desirable but not necessary. You need to understand the responsibility and have knowledge in investing.
- Decide on the SMSF Structure – most cases this will be a corporate trustee but you do have obtains like individual trustees, discuss this with your accountant.
- Obtain a SMSF trust deed, incorporate the corporate trustee and appoint the trustee(s).
- ATO application for ABN, TFN and GST if applicable for the SMSF.
- Obtain and confirm application for SMSF membership
- Establish an Investment strategy and prepare death benefit nomination forms.
- Appoint an Accountant and Auditor to administer the fund, make sure you have experienced SMSF accountant.
- Setup the bank account for the SMSF
- Apply for the rollover of your existing super funds into your new SMSF bank account.
If you appoint your accountant to setup an SMSF for you they may charge between $2,500 and $4,000 depending on how complex the structure and time spent. They will normally do the steps below, but always used an experienced SMSF accountant and obtain a quote prior as they do vary. Also make sure advice and phone calls and meetings are included in the price.
- Obtain a trust deed
- Appoint a trustee (a lot of accountants prefer a corporate trustee, instead of two individual trustees)
- Request an ABN, TFN and register for GST (if necessary) with the ATO
- Obtain applications for membership & confirm membership
- Provide the documentation for an investment strategy and death benefit nomination forms
- Appoint an accountant and auditor to administer the fund
- Open the bank account
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