Setup Process

The following is factual information; it is not a recommendation or advice to setup an SMSF.

The setup process involves:

Step 1: Decide who will be members and trustees of the SMSF
A self managed superfund may have 1 to 4 members and a minimum of 2 trustees (unless the trustee is a company).

Step 2:  Fill in our online application form
Go to our online application for a new SMSF, fill in your details and submit your application over the internet.

Step 3: Make Payment (only applicable if you require us to setup a Company to be trustee)

Setup fee is $0 if you choose Individual Trustees, if you require us to setup a Company to be trustee of the SMSF then a fee of $600 applies. Upon receiving your online application we will send you our invoice (if applicable), you can then pay our setup fee via EFT or with cash by visiting any bank and providing our bank details.

Step 4: Just Superfund establishes your SMSF
On receiving payment we will provide you with the necessary legal documentation to establish your self managed super fund. All you need to do is sign the documents. Attending to all aspects of the establishment process we will:

  • Supply you with the SMSF Trust Deed
  • Supply you with necessary documentation to appoint Trustees
  • Make an election so that your SMSF can be an ATO regulated fund
  • Make an application to the ATO to obtain a Tax File Number & Australian Business Number for your SMSF
  • Supply you with resolutions and minutes that acknowledges your SMSF as having been established.

Step 5: ATO confirms establishment of your SMSF
After we have established your SMSF the ATO will post the following documents out to you:

  • Confirmation that your SMSF is established with the ATO
  • Your funds TFN & ABN

Step 6: Open an SMSF bank account
You may choose any bank to open a SMSF bank deposit account. A deposit account is used to receive rollovers, contributions, and investment earnings and to cover fund expenses (such as taxes and accounting fees) and to make investment purchasers.
Take your rollover cheque, confirmation letter from the ATO that your self managed super fund is established, your SMSF’s ABN & TFN, and a copy of your superannuation trust deed to your local bank to set up an appropriate account.
Note: Trustees of a SMSF must keep money and other assets of the super fund separate from their personal assets. As such is it essential that a deposit account for your fund is opened.

Step 7: Rollover your existing superannuation into your SMSF
After establishment of your SMSF, you may rollover your already existing superannuation to your new SMSF. The process of transferring existing superannuation to a new self managed super fund is as follows:

  • Collect your current annual superannuation statements to find out where your superannuation is invested.
  • Request a rollover form to be sent to you from your current superannuation fund to fill in and return to them.
  • Your current superannuation fund will send you a cheque for your accumulated superannuation benefits which you can deposit into your new self managed super fund’s bank account.

Step 8: Setup your SMSF Share Trading Account
This is step is optional. You may setup a trading account with any online brokerage firm. This account is necessary if you want to purchase and sell shares and other securities.

Step 9: Start Investing
After you have deposited the rollover cheque into your SMSF’s bank account you can start investing.