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 $79 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 ($39 or $79 per month).


Misleading statement about the free SMSF setup

  • On 30 October 2015, the Federal Court of Australia found and declared that statements on our website offering “Free SMSF Setup” were false, misleading and deceptive because in fact we required an applicant to also authorise us to act as administrator of the SMSF, for which there is a fixed monthly fee. This was not clearly and prominently disclosed.
  • A copy of the Court’s judgment and orders is available here.
  • If you have any questions or concerns about your application, please contact Hein Preller.

What was the advertisement?

Between 22 January 2014 and 8 May 2015 we made statements offering “Free SMSF Setup” on the homepages of our websites:

Why was it false, misleading and deceptive?

In a court proceeding brought by ASIC the Federal Court found that the statements on our websites offering “Free SMSF Setup” was false, misleading and deceptive because it represented that we would set up an SMSF with an individual as trustee as no cost. In fact, the free SMSF setup service required an applicant to:

  • authorise SWA to act as administrator of the SMSF; and
  • as a result of that appointment, agree to pay SAW’s monthly administration fees.

In addition, between 22 January 2014 and 5 August 2014 applications for SMSF set up with a corporate trustee required a payment of $950 to be made to us, without this fact being clearly and prominently stated on the websites where we advertised “Free SMSF Setup”.

Does this affect me?

You may have relied on these statements in deciding to apply to set up your SMSF with us. If you have any queries or complaints regarding an application to set up an SMSF or any other aspect of SWA’s service to you in relation to your SMSF, please contact Hein Preller on this page.

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