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how does an SMSF work?

Running your own superannuation fund can be quite demanding in terms of time and there are no real shortcuts. Any mistake can cost you more money in lost returns or penalties than any benefits.

  • the value of advice
  • watch the ipac smsf demo

To establish an SMSF you will need to:

  • prepare a trust deed and investment strategy which sets out the fund’s rules
  • appoint trustees and have them sign a declaration consenting to their appointment
  • accept members and record their tax file numbers (TFN)
  • transfer/deposit fund assets
  • register the fund with the Australian Taxation Office within 60 days of establishing it
  • elect to be a regulated super fund*
  • open a bank account in your fund’s name, and
  • register for the goods and services tax.

You will then be provided with a TFN and Australian Business Number.

* Electing to be regulated is not a simple tick-a-box. You will need to provide a range of documents along with your application such as the trust deed, meeting minutes, the investment strategy, documents showing any acquisitions or fund rollovers, trustee declaration forms and bank account details.

This decision should not be taken lightly or be simply motivated by an investment decision. It should be about strategy that puts you in the driver’s seat and worth the many obligations you need to manage.

And developing an investment strategy is an important requirement.

SMSF videos

trustees
whether you are starting out or already have an SMSF, an ipac adviser can help, call 1800 626 881 or enquire online

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