Once you have signed the documentation and spoken with our specialists, and decided on the name of the self managed super fund, we shall complete the setup requirements for you, including:

• Obtain a trust deed and appoint trustees (who must be members)
• If necessary, set up a trustee company and obtain an ABN
• Elect to become a regulated fund
• Obtain the necessary registrations from the ATO
• Set up a bank account for the fund
• Assist you in establishing an investment strategy and other requirements for the fund
• Obtain your rollover or transfer monies from your existing superannuation fund

Our team can also:

• Give you training to assist your understanding of your responsibilities
• Assist with ongoing financial planning

The Australian Tax Office (ATO) also offer a variety of useful guides for people looking to set up an SMSF.

Setting up and running a Self-Managed Super Fund (SMSF) in Australia comes with various costs that can differ depending on the services you choose and the complexity of your investments. Below are some general cost categories you might encounter:

Setup Costs:

1. Registration Fees: Fees for registering your SMSF with the Australian Taxation Office (ATO).
2. Trust Deed Creation: A legal document that outlines how the fund will operate.
3. Corporate Trustee Setup: If you choose to have a corporate trustee, there will be company setup fees.

Ongoing Administration Costs:

1. Annual ATO Fee: An ongoing fee payable to the ATO for SMSFs.
2. Accounting and Auditing Fees: Annual financial statements and audits will be required.
3. Software or Admin Platform Fees: If you use software to manage your SMSF, this will also incur fees.

Investment Costs:

1. Brokerage Fees: For buying and selling shares or other assets.
2. Investment Management Fees: Fees for managed investments.
3. Property Maintenance: If your SMSF owns real estate, upkeep can be costly.
4. Bank Fees: For accounts held by the SMSF.

Financial Advice:

1. Consultation Fees: If you seek financial advice, these services come at a cost.

Other Potential Costs:

1. Legal Fees: For resolving disputes, compliance issues, etc.
2. Insurance: Life insurance, income protection, etc.
3. Exit Fees: If you decide to wind up your SMSF, there will be associated costs.

Tax Liabilities:

1. Tax on Contributions: Contributions into your SMSF are typically taxed at 15%.
2. Tax on Earnings: Earnings such as dividends or interest are generally taxed at 15%, though this can be offset by franking credits and other deductions.
3. Capital Gains Tax: Tax on the sale of assets owned by the SMSF.

Keep in mind that these costs can add up and eat into your investment returns. We help you to have a clear understanding of all costs involved and how they impact your retirement savings. Always consult with professionals to get the most accurate and personalised advice.