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.
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.
INSIGHT SUPER TIP The preliminary costs can be reimbursed by the super fund once the super fund has cash available from rollovers and contributions.
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.
INSIGHT SUPER TIP It can take the ATO up to 28 days to issue an ABN and TFN.
Once we have the super fund trust deed, you can set up a fund bank account in the trustee names.
INSIGHT SUPER TIP The bank account should be in the names of the trustees as trustee for the super fund. For example John Smith & Jane Smith as trustee for the Smith Family Superannuation Fund.
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.
INSIGHT SUPER TIP Set up your new policies before you rollover your super accounts, or you may be left with no coverage.
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.
INSIGHT SUPER TIP Update your superannuation fund details using a super choice form.
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).
INSIGHT SUPER TIP Rollovers can take up to 4 -6 weeks to be processed by the rollover fund.
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.
INSIGHT SUPER TIP Our SMSF specialists are here to coach you on investment strategies for your circumstances.
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.
INSIGHT SUPER TIP Only certain types of investments are allowed by SMSFs. Check the ATO’s guide on "Running a self managed super fund"