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  • Your SMSF: set it up right

    To make sure a new self-managed super fund (SMSF) is set up the right way, we have updated our information to help out SMSF trustees and professionals. Even if an SMSF is not new, we recommend you do regular checks to ensure everything is up to date.

    Getting an SMSF set up correctly ensures that the fund will be:

    • eligible for tax concessions
    • able to receive contributions
    • looked after if a trustee is unable or decides they no longer wish to be the active trustee.

    Some of the key steps are to:

    • consider whether to appoint a professional to help you
    • decide whether to have individual trustees or a corporate trustee
    • appoint the trustees or directors of the corporate trustee
    • ensure all SMSF members sign a trustee declaration within 21 days of becoming a trustee or director of the corporate trustee
    • create a trust deed, which is a legal document signed by all SMSF members that sets out how to establish and operate the fund
    • register the fund with the ATO and elect for it to be regulated by us
    • get a tax file number (TFN) and an Australian Business Number (ABN)
    • provide us with each SMSF member’s TFN, which is crucial to receiving tax concessions
    • set up a bank account for the SMSF and get an electronic service address
    • plan ahead with an exit strategy, including appointing someone as an enduring power of attorney.

    SMSF trustees are responsible for complying with all super and tax laws while the fund is operating. We have checklists to help you manage every stage of your fund, and to understand your ongoing responsibilities and obligations as a trustee or director.

    See also:

    To keep up to date with all the news and alerts for SMSF trustees and professionals, subscribe to SMSF News.

      Last modified: 27 Feb 2018QC 54677