It’s easy to set up your SMSF online
If Trustees made the decision to setup an SMSF, we will execute this with the Tax Office. We will then apply for an Australian Business Number (ABN) and a Tax File Number (TFN) to ensure that the SMSF is set up with the Tax Office. We will then act as a Tax Agent and lodge the annual SMSF tax return with the Tax Office.
Individual trustees or a Corporate Trustee
An SMSF can have either a Corporate Trustee or a group of Individual Trustees. Under super laws (with certain exceptions), all Members of the SMSF must be either Individual Trustees of the Fund or directors of the Corporate Trustee. As a rule, Superannuation Warehouse sets up SMSFs with Individual Trustees; this is the way that most Funds are set up with the ATO.
Superannuation Warehouse does not provide financial advice; neither does it charge a percentage commission over the assets you own in the SMSF. These are important factors to bear in mind when selecting a suitable SMSF provider. Moreover, we won’t limit you to any specific bank or any particular types of investment – this means that you will have the flexibility you need when your financial objectives change as you move from the accumulation stage to the pension stage.
Is an SMSF right for me?
The ATO has several publications that explain everything you need to know about setting up and running an SMSF (click here to view) – after you’ve read them, you can take the free test on our SMSF Trustee Education Page to check that you understand your responsibilities as an SMSF Trustee.
Ongoing administration for your SMSF
Once Superannuation Warehouse has established your SMSF, you can start managing the Fund.
According to the Australian Taxation Office there are four key steps to establishing an SMSF:
The first thing you need to do is prepare a trust deed. The trust deed sets out such matters as the details of the trustees, how they are appointed, their powers and the conditions for contributions and benefit payments. You must make sure the trust deed is dated and properly executed.
All SMSFs must have trustees and, in turn, all members of the fund must be appointed trustees. Anybody aged over 18 with a Tax File Number can be a trustee provided they have not been convicted of a crime involving dishonesty and that they are not an undischarged bankrupt.
As a trustee, you are legally responsible for the actions of the SMSF. These responsibilities include filing an annual tax return, lodging member contribution statements and appointing an approved auditor to complete the annual audit. The next step is to elect to be regulated by the Superannuation Industry (Supervision) Act (SISA) in order to receive concessional tax treatment.
Preparing an investment strategy is the next step. This involves formulating a strategy that takes into account risk, return, diversification, liquidity, cash flow, asset allocation and the ability to discharge existing and prospective liabilities.
The final step is to open a bank account in the name of the SMSF to keep the SMSF assets separate from your personal assets. As a Trustee you can roll over funds from other super funds to your SMSF, asking your employer to contribute to the SMSF, and investing your SMSF balance.
SMSF – Setting up
Follow this link to set up you SMSF online today.