The Ultimate Guide to Setting Up Your SMSF: Take Control of Your Super in Just Two Weeks!
Taking charge of your superannuation can be an empowering decision, and with the right guidance, it’s simpler than you might think. Here’s a step-by-step guide to setting up your Self Managed Super Fund (SMSF). And the best part? We handle everything for you after the first step. Within approximately two weeks, you can go from deciding to take control to actively investing your super, your way.
Here’s how:
1. Decide to Take Control of Your Super:
The first step is a conscious decision to be in charge of your super. This is about having a vision for your financial future and the determination to see it through and deciding to set up an SMSF.
2. Check Your Eligibility to be a Trustee:
Before diving in, ensure that you’re eligible to be a trustee of an SMSF. There are certain conditions that individuals must meet, and we’ll help you navigate this. You will also need a Directors ID to be a director of your trustee.
3. Pick a Name for Your Trustee Company and Register it:
Choose a distinctive name that resonates with your financial goals and then set this up as a special purpose company (this will reduce your annual ASIC fees). You will then need director consent forms, member forms, a constitution or replaceable rules and to issues shares.
4. Choose a Name for Your Super Fund and set up the fund:
Just like naming your trustee, pick a memorable name for your super fund. It can wild or basic. You will then need to draft a fund deed, complete member applications, complete trustee declarations, draft a product disclosure statement and prepare a trustee resolution.
5. Apply for TFN and ABN:
These are essential for the proper functioning and recognition of your SMSF. We’ll handle the paperwork and ensure timely applications.
6. Get Recognised as a Complying SMSF with the ATO:
This step ensures that your newly set up SMSF is compliant and recognised by the Australian Tax Office and will allow you to open a bank account and accept contributions from your employer or members.
7. Craft Your Investment Strategy:
Have a vision of how you want your super to grow. Whether it’s shares, property, or other investments, we’re here to guide you.
8. Open a Bank Account for Your SMSF:
This bank account will manage all the funds related to your SMSF. You can have more than one.
9. Rollover/Transfer Funds:
Apply to your current Superannuation Fund to pay your balance into your SMSF’s bank account. You can choose to move it all or you can bring a portion.
10. Set Up an Electronic Service Address (ESA):
An ESA allows your fund to receive SuperSteam data. You won’t be able to rollover your existing super or receive contributions without one.
11. Redirect Your Employer Contributions:
Inform your employer to start channelling your contributions to your newly set up SMSF.
12. Start Investing:
Whether you’re interested in Crypto, Metals like Gold & Silver, or Shares, we’ll assist you in setting up trading accounts.
If you want to invest in property, its time to start looking properties that suit your investment and risk profile and looking at securing finance under a limited recourse borrowing arrangement.
13. Monitor Performance and Balances:
Keep a close eye on your investments to ensure they align with your goals.
14 Track Your Contributions:
It’s vital to ensure you don’t surpass any contribution caps. We’ll assist with this and can help if you have put in too much.
15. Annual Maintenance:
Every year, you will need to prepare financial statements, a tax return, meeting minutes, and have your Self Managed Super Fund audited. Don’t worry; we’ve got this covered and take care of all of this for you!
16. Stay Compliant:
Ensuring you don’t breach any super or tax laws is crucial. We’ll make sure you’re always on the right side of the law.
WE’VE GOT YOU COVERED
Once you’ve made the decision to take control (Step 1), the rest is on us, all you ned to worry about is what you want to invest in!
Ready to take the leap? Get in touch or call us on 1300 282 347 and let’s shape your financial future together!