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Set up SMSF process

The starting point if you are intending to set up your own self managed superannuation fund is to decide who will be members of the self managed superfund.

A self managed superfund may have 1 to 4 members. All members are also required to be trustees of the fund. The only person that cannot be a trustee is a person younger than 18 years of age or a disqualified person.

The next step is to settle a superannuation trust deed. The trust deed is the documentation that forms the governing rules of a superannuation fund. The deed evidences the setting up of the superannuation fund and sets the rules of operation.

The fund is required to obtain an Australian Business Number and Tax File Number. An election should also be lodged with the Australian Taxation Office electing to be a regulated fund.

Once the self managed superannuation fund is a complying superannuation fund, you may roll-over your existing superannuation to the new self managed superannuation fund. The fund is now ready to receive superannuation contributions.

Superannuation Accounting Services can set up a self managed superfund for you, including settling a superannuation trust deed and properly registering the superfund.

More about our set-up service.