Award Winning SMSF Experts
SMSF Establishment
Embarking on your SMSF journey? While establishing an SMSF can be intricate, the key is to partner with the right adviser. Choose an SMSF specialist who will guide you, clarify complexities, and ensure you avoid pitfalls. Before you begin, familiarize yourself with our comprehensive SMSF checklist and understand the establishment process. Need further insights? Schedule a 15-minute discovery call with Natalia Clack here
Setting up a self managed super fund
Creating your own SMSF is an appealing option to those who want the choice over how their super is invested to maximise the growth on their retirement fund.
SMSFs are regulated by stringent rules so you must ensure that yours is set up correctly from the start, in compliance with Australian super and tax laws, while at the same time giving you the return on investment that you’re after.
As SMSF experts, we make the entire establishment process smooth and simple. It starts with a quick chat to help you understand if a SMSF is the right option for you and then decide on the next steps. Click to book a free 15 minute discovery call with Natalia.
Our SMSF setup services
SMSF Establishment
Step 1 is a discovery call to find out more about you and to help you to understand what a SMSF is all about. We’ll explain what the advantages and disadvantages are, the risks and costs associated with SMSF establishment so you can make the right decision.
Statement of Advice
Next we’ll interview you and collect information about your financial position, income and expenses, your objectives, desires and needs. We’ll then prepare a Statement of Advice (SOA) for you.
SMSF Setup
We’ll set up your trust, including all the required documents: trust deed, minutes and resolutions, ATO Trustee declarations, consent to act, membership applications. We recommend setting up a SMSF with a corporate trustee.
SMSF Registration
We lodge your fund with the ATO to become a Regulated SMSF, obtain your Tax File Number (TFN) and Australian Business Number (ABN) within 60 days of establishment.
SMSF Bank Account
Every SMSF must have its own bank account. You can open a bank account under your SMSF’s name in any bank you like. We also attain your Electronic Service Address (ESA).
Investment Strategy
You must formulate a clear investment strategy when starting a SMSF, and understand the rules. We’ll help you to formulate a strategy that makes sense to your unique situation and goals.
SMSF Establishment: Frequently Asked Questions
Click to read more.
Anyone can setup a SMSF but there are serious financial implications if your self managed super fund is not set up and operated correctly. An SMSF is essentially a trust used as a vehicle to manage investments for the beneficiaries upon their retirement.
It’s best to open a fund with a SMSF specialist who can correctly advise you.
If you’re asking yourself why you should choose an SMSF, here are a few benefits to consider:
- Protection of assets
- Tax saving strategies
- Control over your retirement investment
- Choice over your super investments
- Lower running costs for larger funds
- It could be more costly than a retail super
- No access to compensation schemes
- Time-consuming
- Added responsibility
The cost to setup your own SMSF ranges between $2,500 – $3,500 for a statement of advice and about $2,500-$4,500 for a trust establishment with a corporate trustee.
How much do SMSFs cost to run?
Once your self managed super fund is set up, you need to cover the cost of ongoing compliance regulations. These fees tend to range between $2,500 and $5,000 per annum.
The sole purpose of operating a SMSF is to provide a healthy and secure retirement for Australians. As such there are strong laws governing self managed superannuation funds.
Once your SMSF is established you’ll need to ensure that you meet specific SMSF and tax compliance regulations. These include member and trustee requirements, investment planning, asset evaluations, annual financial reports, audits and others. Failure to meet these requirements can lead to severe penalties.
With Easy Super it usually takes us 2-3 weeks, but it may occasionally take up to 2 months to set up a SMSF.
In line with ASIC guidance and Merit Wealth’s SMSF Suitability policy on Low Balance is that SMSFs are generally not suitable for clients with less than $500,000 of superannuation.
Yes, most self managed super funds are set up by a husband and wife combining their supers. One SMSF can have up to 6 members in the fund.
Deciding to create a SMSF shouldn’t be a decision taken lightly. There are some important setup steps to follow. Here’s a checklist to run through.
Our SMSF Checklist
- Get advice and decide if this is the right decision for you
- Understand your legal obligations
- Understand SIS Act and main SMSF rules
- Talk to an adviser and obtain SOA
- Decide corporate or individual trustee
- Engage SMSF professional to set SMSF
- Formulate an investment strategy
- Open a bank account
- Obtain an electronic service address
- Rollover your Existing Super into SMSF Bank Account
- Plan for the risk and unforeseen events
- Prepare an exit strategy
Easy Super makes your SMSF setup, super easy
Chat to us about setting up your own SMSF.
Super Consulting Pty. Ltd.
- 19 Selby ave, Dee Why NSW 2099
- 1800 327 978
- 0432 366 690
- enquiry@smsfconsulting.com.au
-
Mon - Fri 9AM to 5PM
Sat 9AM to 5PM
Sun Upon Request
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Are you over 55 and thinking about selling your home? You could help boost your super while you’re at it. Check out our latest article and consult with us if anything in the newsletter raises questions.
Are you over 55 and thinking about selling your home? You could help boost your super while you’re at it. Check out our latest article and consult with us if anything in the newsletter raises questions.
Are you over 55 and thinking about selling your home? You could help boost your super while you’re at it. Check out our latest article, and consult with us if anything in the newsletter raises questions.
Disclaimer: All information on this website has been prepared without taking into account your individual objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness with regard to your objectives, financial situation or needs. Speak to Natalia for SMSF advice.
Natalia CLACK
BFinM, MPA, CPA(SMSF Specialist),
Tax Agent, Approved SMSF Auditor
Natalia Clack (ASIC NO:1256809) is a Limited Authorised Representative of Merit Wealth Pty Ltd
ABN 89 125 557 002, Australian Financial Services License Number 409361.
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