Self-Managed Super Fund Setup

What to consider when
setting up a SMSF

When starting your SMSF journey, we suggest you do some research so you understand the benefits, risks, responsibilities, and costs involved. My SMSF’s Clients complete Free education via the ATO SMSF Video Library and the ASIC Money Smart Site Education, so that they can understand their responsibilities.

STEP 01

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Do your research or get advice

The first step is to understand your responsibilities and the tasks associated with running an SMSF. We suggest you watch and download and read the following guides including our own “A guide to setting up an SMSF” and the Australian Tax Offices SMSF video’s and the Money Smart Site guides on SMSF’s

#
Retail Super
SMSF
Tax / Audit
Accountant / Auditor
Bookkeeping
Members
Investments
Members or Adviser
Legal
Legal Docs Provider or Lawyer
Fee
1% of balance
$1,100
Number of members
01
1-4
#
Retail Super
SMSF
Tax / Audit
Accountant / Auditor
Bookkeeping
Members
Investments
Members or Adviser
Legal
Legal Docs Provider or Lawyer
Fee
1% of balance
$1,100
Number of members
01
1-4

STEP 02

How much do you need to start an SMSF

The next step to consider, is your starting balance and the number of members in your fund. This will determine whether setting up a fund is viable given your current super savings, your employer and personal contributions into super, and the ongoing costs involved with an SMSF. There is NO legally prescribed starting amount for an SMSF
We suggest that $100,000 – $200,000 as a minimum starting balance based on our fees. Find out if your super is in a defined benefit fund before setting up a SMSF.
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STEP 03

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Choose the number of members in your Fund

An SMSF is allowed 1- 6 members, who are related or unrelated. If you are related you cannot be working in the same business.
* An important consideration with family smsf’s ( children and parents), is an exit strategy, if your children decide to form their own SMSF in the future

STEP 04

Choose your Trustee

( Individual or Corporate )
Next choose your trustee. We suggest a corporate trustee company, which offers more asset protection, one fee per compliance breach and the flexibility to change members of the fund without a tax impact to the fund and its members. You can also setup an SMSF with the members acting as individual trustees of the fund which is the cheapest option but not necessarily the safest.
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STEP 05

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Setup your SMSF and create your Investment strategy

These are some of the common tasks associated with an SMSF:

With your investment strategy, identify the asset allocation for your fund, IE: 60% property, 30% shares, and 10% cash. Finally, do not forget to include insurance to cover your debts and complete binding nominations so that you can transfer your funds’ assets to your children or to your estate, should something happen to a member of the fund. Next check out our  Fee Schedule

STEP 06

SMSF ONGOING TASKS ARE THE FOLLOWING

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For some people setting up and running a SMSF will be easier than for others. The administration tasks, investments, and risk management are areas that most people will need assistance with. Remember that you fund needs to keep SMSF assets separate from personal assets. It is always best to seek advice if you do not understand what is involved with running an SMSF and remember the buck stops with you. This is guide to a Self-Managed Super Fund Setup.

More Information: Go to the ATO Site

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Call or Email Us to Discuss
your Needs

Keep in touch

Call or Email Us to Discuss
your Needs