Video transcript – What’s involved with an SMSF

So you’re thinking about starting your own self-managed super fund. That’s great - but are you aware of what’s really involved?

Let’s take a quick look at a typical self-managed super fund.

When you first set up, you need to:

  • decide on fund members and trustees
  • establish the trust and trust deed
  • set up a bank account
  • register with the ATO
  • create your investment strategy, and
  • include a plan for when your SMSF ends.

There’s more to consider once set up, including:

  • rolling over of existing super
  • organising employer contributions
  • accepting contributions within limits
  • making investments without breaking rules
  • regularly reviewing the investment strategy, and
  • documenting and maintaining records for up to 10 years.

Then, each year you need to:

  • value assets
  • prepare accounts and financial statements
  • appoint a registered self-managed super fund auditor
  • lodge the annual return
  • pay the self-managed super fund levy, and
  • any tax that’s due.

When you start making payments, you need to:

  • decide if any assets need to be sold
  • ensure minimum payments are met each year
  • and you may also need to
  • appoint an actuary
  • withhold tax, and
  • give payment summaries to members, as well as the ATO.

Finally, when the fund is finished, you need to:

  • get a final audit, and
  • lodge your final return
  • plus, you’ll also need to
  • pay any outstanding tax, and
  • pay out or roll over all of the assets.

As you can see, there is a lot involved. Before you decide to start a self-managed super fund, you need to consider whether you can manage everything, or whether you are prepared to pay self-managed super fund professionals to help. But remember: even if you have professionals help, SMSF trustees are ultimately responsible for their fund.

You may want to seek some professional advice to help you decide if a self-managed super fund is right for you.

For more SMSF information, take a look at our other videos - or visit the ATO website at

    Last modified: 12 Nov 2015QC 39855