How to set up a SMSF

8 steps to your own super fund

Once you decide to set up a SMSF, you need documentation across bank accounts, tax and employers. Here’s our 8 steps to set up.

1. Order Super Fund Deed and establishment documents

We order the super fund trust deed and preliminary establishment documents for the fund from legal representatives. Within 24-48 hours, the documents are received and ready to be signed by the trustees, witnessed and dated.

2. Apply for TFN, ABN and ATO registration

As part of your fund establishment fee, we register for your tax file number (TFN),  Australian Business Number (ABN), and as a complying fund with the Australian Taxation Office.

3. Set up a fund bank account

Once we have the super fund trust deed, you can set up a fund bank account in the trustee names.

4. Set up life insurance / TPD/ Salary Continuance Policies

When your existing superannuation policies are rolled over to your new SMSF, any life, total or permanent disability (TPD) and income insurance policies are cancelled. Talk to an independent financial planner to set up policies as part of the new super fund.

5. Advise contributors of fund details

If you have employers contributing to the fund, notify them of your new fund details for payment of your superannuation guarantee or other contributions. We will help you with setting up an electronic service address (ESA) for compliance with Supersteam.

6. Rollover existing super accounts

Once we have your ABN, we’ll help you with forms and instructions to organise the rollover of your existing super accounts. You’ll need supporting documentation and ID like a certified copy of your driver’s license or passport (check with your fund).

7. Plan an investment strategy

Prepare a fund investment strategy for regular review. Use our template and include your investment goals and the strategies you’ll use to achieve them.

8. Start investing

Once your rollovers from existing super accounts are finalised, you can start choosing your investments. It’s OK to need some support and coaching from super specialists, even if you’ve been investing for awhile.