Certified Practicing Accountant
Regi. Tax agent & Regi. ASIC Agent
jason@taxcodeaccounting.com.au
 
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How to set up SMSF?

While it has it's own advantages, SMSF is not for everybody. It is commonly understood that if you have got less than $200000 in super, then it will be costlier choice. It is estimated that on an average $1200 to $1500 is the minimum administrative cost attached to SMSF. And it is not only the cost, but you need a skill to manage your own fund. 

 

Important Steps to be followed for establishing SMSF:

  1. Get your own trust established
  2. Get an ABN and TFN for the trust and make it a regulated fund
  3. Have you own investment strategy
  4. Get your bank accounts opened
     

An accountant can help you prepare Trust Deed for the trust as, Trust Deed is the most important document in the process of opening up of SMSF. It is important to note here, only Financial Advisors can advise you on investment strategies and not just accountant or solicitors. So be careful while taking advise on investment strategies about SMSF.

 

What purpose the Trust Deed will serve? Trust Deed will clearly speaks about name of the trustee and the beneficiaries, power, rights and obligations of the trustee and beneficiaries, type of trust i.e. discrisnary or fixed trust,

 

Trustee is the responsible for most of the trust acts. He is responsible in certain cases for tax liabilities of the trust and beneficiaries.

 

SMSF setup involves many more steps and need a detail discussion. You may fix up an appointment to discuss more.