A number of superannuation, corporations, trust and taxation laws must be followed in order to properly set up a self managed superannuation fund that is also a ‘complying superannuation fund’ eligible for tax concessions.
The administrative process is relatively straightforward (but potentially time consuming). It broadly involves purchasing a superannuation trust deed, signing it, appointing the trustees and notifying the relevant authorities.
The main steps in just setting up a SMSF are:
- Consider appointing an administrator/specialist/accountant.
- Establish the trust deed
- Appoint the trustees
- Nominate the fund members
- Provide a notice to each new member on admittance
- Request each member supply their own TFN
- Obtain an Australian Business Number (ABN) and Tax File Number (TFN) for the fund
- Lodge an election notice with ATO
- Appoint the auditor
- Open a bank account or cash management trust (CMT)
- Prepare an initial or interim investment strategy
- Transfer any existing superannuation/rollover benefits to the SMSF
CA Financial Services believes that no individual can actually fulfill the role of a solicitor, accountant, auditor, investment adviser, mortgage broker or financial planner. At CA help our client from start to finish in the setup and management of their SMSF. Contact CA
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