SMSF Initiation Guide

SMSF Warehouse is a registered tax agent. We will register your SMSF with the ATO and obtain an ABN and TFN for the Fund. We also issue your new SMSF with all the documents needed to legally establish your SMSF.

After the ABN has been issued by the ATO, the Trustee can open a bank account. Most of our Funds use Macquarie Bank but you are free to use any bank. Other popular bank accounts options include U-Bank, ANZ, Rabo Direct, Credit Unions, Westpac, and Suncorp.
As Trustee of an SMSF you can shop around for the best deal for your Fund. Note that SMSF Warehouse does not receive any fee or commission from any bank or any other company. Look out for an account with low fees or none at all. Also look for a high interest rate. Some banks don’t pay bonus interest if you make withdrawals from your SMSF, so be mindful of the small print.

Existing Superannuation balances in a retail fund can now be rolled over into the SMSF. Your employer’s regular contributions can also be paid directly into your SMSF bank account. Make sure that you do not breach the contribution caps. The cap is generally $25,000 or $35,000 per Member per year. Higher tax rates are applied if you breach the caps – so keep to these limits.

You can choose any broker for share trading under the $99 per month option. You can trade as often as you want in the SMSF for a fixed fee for the accounting, tax and audit function.

SMSF Warehouse will allow around 6 weeks for your bank account to be funded. After this period, we will send an instruction on setting up a Direct Debit payment from your bank account to SMSF Warehouse for the payment of the monthly fee ($49 or $99 per month).

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