How to set up a SMSF | Setting up a Self Managed Super Fund

Rogerson Kenny SMSF Accountants are Self Managed Super Fund (SMSF) experts, who set up SMSF's for existing and potential clients. If you would like to enquire about setting up an SMSF, please click here.

Rogerson Kenny SMSF Accountants take the hassle out of setting up a SMSF, showing you how to set up a SMSF along with what is involved in setting up a SMSF, so you can make an informed decision.

Everything is coordinated in the SMSF set up process, including assistance with setting up the SMSF bank account (which is the hub of the SMSF) and assisting with the roll in of funds from other superannuation funds.

Rogerson Kenny SMSF Accountants can have the SMSF trust deed established in 2 to 4 business days (however, it usually takes 28 days to receive the TFN and ABN from the ATO).


Setting up a SMSF -  Flow Chart

Step 1

Elect to set up a SMSF

  • Usually $200,000 plus is desirable (but by no means essential)
  • You need to understand the responsibility you are taking on
  • You will need a degree of investment knowledge

Step 2

Decide on the appropriate SMSF Structure.

  • In almost all cases this will be a corporate trustee
  • (you do have the option of corporate trustee v two individual trustees) Click here for more information.

                                                                                                                  

Step 3
  • Obtain a SMSF trust deed
  • Incorporate the corporate trustee
  • Appoint the trustee(s)

 

Step 4

SMSF Registrations

  • Request an ABN, TFN & register for GST (if appropriate) with the ATO

 

Step 5

Membership

  • Obtain application for SMSF membership and confirm SMSF membership

 

Step 6

SMSF Investment Strategy

  • Establish an Investment Strategy and prepare Death Benefit Nomination Forms

                                                                                         

Step 7

Appoint Accountant & Auditor of SMSF

  • Appoint an Accountant and Auditor to administer the fund
  • It is a good idea to have an experienced SMSF accountant involved in the set up process

 

Step 8

Bank Account

  • Open the bank account for the SMSF (we give you all the necessary documents and instructions to set up the bank account)

 

Step 9

Roll in Money

  • Apply to have money rolled in from industry and / or retail super funds
  • The form you will need to request is usually called a "rollover application form".

 



Rogerson Kenny SMSF Accountants set up the SMSF as described in the above flow chart for a flat fee of $1,800 + GST. Rogerson Kenny SMSF Accountants are there for you every step of the way with independent advice.

 Please see below the steps we go through when setting up a SMSF:
  • Obtain a trust deed
  • Appoint a trustee (we strongly advise a corporate trustee, instead of two individual trustees - this is all included in the about one off set up fee)
  • Request an ABN, TFN and register for GST (if necessary) with the ATO
  • Obtain applications for membership & confirm membership
  • Provide the documentation for an investment strategy and death benefit nomination forms
  • Appoint an accountant and auditor to administer the fund
  • Open the bank account
Rogerson Kenny SMSF Accountants prepare all documentation for you for signing, give you instructions of how to set up the SMSF bank account and offer unlimited phone calls and meetings for the above fee. We really are there to assist you every step of the way in setting up your SMSF.
The benefit of being able to pick up the phone, and speak to an experienced accountant for even a simple question, at no extra cost, is true piece of mind.
Be wary of any provider offering free SMSF set up. Talk to us before making a decision on setting up an SMSF. If you would like to set up an SMSF, please click here.


Some watchouts when looking to Set up a SMSF:
  • Be aware of organisations offering to set up a SMSF for free. Nothing is for free and you will pay for it somewhere (poor investment choice, restrictions on your money - for example it must go in a low interest account dictated by the provider - where they take a clip, it is almost guaranteed to be without a corporate trustee - if you don't know what a corporate trustee is email me, inferior trust deed - i have heard of a free SMSF set up trust deed being only 8 pages - a disgrace)
  • We include in our $1,800 + GST fee, the incorporation of a trustee company. A trustee company is by far the best option in a Self Managed Super Fund structure. Click here to find out why. Be sceptical of any organisation setting up a Self Managed Super Fund without a corporate trustee
  • Make sure you read any fine print. We have acquired new clients because they started with a company that limited the investments you could choose (which they didn't realise). When the client wanted an investment outside their box, he had to leave and find a new accountant and auditor. (Rogerson Kenny is not a Self Managed Super Fund sausage factory. We work for you, our client & can deal with any investment).
  • Carefully consider your position with a one stop shop. It may seem convenient to have your administration and financial planning done under the one roof, yet it doesn't separate responsibility or independence. We have seen this situation end in tears quite a few times and suggest the best way to proceed is to to keep everyone honest. Separate the functions of financial planning and administration (accounting and audit).

 If you would like to set up a SMSF the correct way, with piece of mind, or just want a cost and obligation free chat, Click here.

 For a great booklet from the ATO on setting up a SMSF, click here.

 

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