We tailor our self managed super fund setup to the needs of your individual situation.  Our Self Managed Super Specialist Advisor Andrew Frith would be delighted to offer you a complimentary meeting to discuss setting up a Self managed super fund for you. Andrew takes care to ensure that an SMSF is the right vehicle for your current financial situation before helping set up your fund in the best possible way.

At Leenane Templeton The Self Managed Super Specialists we have a variety of flexible packages to ensure that you have the best SMSF setup for you. Whether you are just looking for a basic self managed super fund setup or wish to have administration and SMSF investment strategy plans we can help. We lay the foundations of a successful retirement savings and estate planning vehicle.

We would be delighted to offer a free discussion to ensure that a self managed super fund is right for your needs. We can help to ensure you have the most suitable trust deed and recommend setting up a self managed super fund with a corporate trustee due to the many advantages. Our SMSF setup advisors will help to structure your self managed super fund setup in the best possible way for your family and financial future.

Many of our team are The Self Managed Super Fund Association accredited Advisors^TM  and accredited SMSF Specialist Auditors^TM and have exceptional knowledge and experience to help with your financial success.

Setting up a Self-Managed Super Fund (SMSF) involves several critical steps and responsibilities. Please note that the guidelines provided here are for informational purposes, and you should seek advice from professionals like financial advisors, tax agents, and legal consultants for personalised guidance. Below is a general outline of the process:

Preliminary Steps

1. Seek Professional Advice: Before setting up an SMSF, consult with a financial advisor, an accountant, and possibly a lawyer to determine if an SMSF is the appropriate vehicle for your retirement savings.
2. Determine Members and Trustees: Decide who will be the members of the fund. Each member must be a trustee or director if you have a corporate trustee.

Establishing the Fund

3. Trust Deed: Draft a trust deed that outlines how the fund will operate, in accordance with legal requirements and ATO guidelines.
4. Trustee Declaration: All trustees and directors must sign a declaration stating they understand their duties and responsibilities.
5. Register the Fund: Register your SMSF with the Australian Tax Office (ATO) for an Australian Business Number (ABN), Tax File Number (TFN), and Goods and Services Tax (GST) if applicable.
6. Bank Account: Open a bank account in the name of the SMSF. This account will be used to manage the fund’s operations, including receiving contributions and paying out pensions.
7. Electronic Service Address: Acquire an electronic service address for the delivery of SuperStream data.

Investment Strategy

8. Formulate Investment Strategy: Before making any investments, trustees must prepare and implement an investment strategy that considers the complete set of investment risks, liquidity, and members’ objectives and risk profiles.

Contributions and Management

9. Roll Over Existing Super: Roll over any existing superannuation funds into the SMSF.
10. Regular Audits: Annually, the SMSF must be audited by an approved SMSF auditor.
11. Annual Returns: File annual returns with the ATO, including an annual financial audit and a compliance audit.
12. Record-keeping: Maintain accurate tax and financial records, minutes of meetings, and other documentation as required by law.

Setting up and managing an SMSF is complex and involves ongoing responsibilities. Non-compliance can result in financial penalties and disqualification. Therefore, it’s vital to seek professional advice to guide you through the process.