SMSF Loan Setup

Understanding the SMSF Process

The SMSF Process

Establish a trust

The first step with setting up an SMSF is establishing a trust. Once this has been done, you need to register it with the ATO.

Every member of an SMSF must be either an individual trustee or a corporate trustee. If you choose to have a corporate trustee, each of your SMSF members must be someone that is the director of the company.

Organise the trust deeds

An smsf trust deed is a legal document that governs the operation of a self managed super fund. This deed should be written to suit the laws of superannuation, and it should include important information such as the names of trustees and members and what the fund is used for specifically.

Read and sign a declaration

As a trustee or director of the corporate trustee of an SMSF, you are obliged sign a document stating that you understand these obligations and duties.

Open an account

Your Self-Managed Super Fund requires a bank account that is separate from its members’ individual accounts. This is mainly because of the specific income tax requirements for these types of funds.To take this account, certain initial fees need to be paid. They include annual supervisory levy, accounting services, member benefits and tax liabilities.

Why set up an SMSF?

The main benefits of self managed super funds are that they allow you to contribute more than the concessional contribution limit, they allow you to make after-tax contributions, and they have higher contribution limits than employer sponsored schemes.Self managed super fund holders also have greater control over their investments because they can choose the investments that suit them best. They also don't need to pay for administration and investment advice which is often required with other forms of super funds.

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