SMSF Set Up Process
Your self-managed super fund (SMSF) needs to be set up correctly so that it’s eligible for tax concessions, can receive contributions and is as easy as possible to administer.
You can engage self-managed super fund (SMSF) professionals to help you set up and run your fund. You may want to get them involved right from the start since the decisions you make at start-up can affect their ability to help you later on.
If you use an SMSF professional to help you set up your fund, you’re still responsible for making sure it’s done correctly:
- An accountant can help set up your fund’s financial systems and, once you are operating, they can prepare your fund’s accounts and operating statements.
- A fund administrator can assist with administrative tasks during start-up and, afterwards, help you manage the day-to-day running of your fund and meet your reporting and administrative obligations.
- A legal practitioner can prepare and update your fund’s trust deed.
- A financial adviser can help you prepare an investment strategy and advise you about different types of investment and insurance products. The Australian Securities & Investment Commission (ASIC) has information about choosing a financial adviser and things to consider before getting robo-advice .
- You’ll need an approved SMSF auditor to audit your fund.
- A tax agent can complete and lodge your SMSF annual return, provide tax advice and represent you in your dealings with us. You can check if your tax agent is registered at the Tax Practitioners Board.
Many SMSF professionals offer packages or kits. If you buy a package or kit, make sure the trust deed complies with the current law and meets the needs of your fund, its objectives and the members’ circumstances.