Self Managed Super Fund Setup

Setting up an SMSF

Setting up an SMSF for the first time, may appear difficult and overwhelming. The structure, ATO requirements, rules and regulations can cause some people to baulk at the idea.

However with professional help, starting an SMSF can be a breeze. Rise Accountants are CPAs and experienced SMSF accountants who can assist with aspects of your SMSF setup. Other advice will be out of our remit and need to be provided by a financial advisor with an Australian Financial Services Licence (AFSL).

We can recommend a financial advisor, or we can work with other people you have hired, to support the management and compliance of your fund.

To discuss self managed super fund setup and what Rise Accountants can do to make the process as easy as possible, book a no obligation, complimentary 15 minute Discovery Call with Rise Accountants today.

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"Ash, Tyler and Korey have been fantastic in helping us both with our personal and SMSF accounting. Love everything being via digital service - but if you have a question, they're more than happy to jump on the phone to have a chat. Cannot recommend them highly enough! Thanks team."

Alicia

SMSF Benefits

How to set up an SMSF

Setting up a Self Managed Super Fund (SMSF) requires careful planning and compliance with Australian regulations. Here are the top 10 things to ensure you do when establishing your SMSF:

1. Understand Your Responsibilities as a Trustee

As an SMSF trustee, you are legally responsible for managing the fund and ensuring compliance with Australian Taxation Office (ATO) regulations. You can hire Rise Accountants for assistance with maintaining records and meeting reporting obligations, but you and the other trustees are ultimately responsible for compliance.

2. Choose the Right SMSF Structure

Decide whether your SMSF will have individual trustees or a corporate trustee structure. A corporate trustee offers additional flexibility and liability protection but may involve higher setup costs.

3. Check SMSF Member and Director Rules

Ensure all members meet eligibility requirements. An SMSF in Australia can have up to six members, and if you opt for a corporate trustee, each member must also be a director of the company.

4. Create a Compliant Trust Deed

The trust deed is the legal document that governs your SMSF’s operations. Work with a legal practitioner to ensure your deed complies with superannuation laws and aligns with your fund’s objectives.

5. Register the SMSF with the ATO

Complete the SMSF registration process with the ATO to obtain an Australian Business Number (ABN) and Tax File Number (TFN). This step is essential for the fund to start operating and receiving contributions. Rise Accountants can assist you with this step.

6. Open a Dedicated SMSF Bank Account

Set up a bank account specifically for your SMSF. This account will hold all contributions, investment income, and proceeds from asset sales, keeping SMSF finances separate from personal finances. Rise Accountants can assist you with this step.

7. Develop an Investment Strategy

Your SMSF must have a documented investment strategy that outlines how the fund will achieve its retirement goals. The strategy should consider risk, diversification, liquidity, and insurance.

8. Roll Over Existing Super Funds

If you’re consolidating existing super accounts, complete the necessary SMSF rollover forms to transfer funds into your SMSF. Ensure the process complies with ATO requirements.

9. Understand the Minimum Balance Guidelines

While there’s no official SMSF minimum investment amount, according to the ATO, the average starting balance for self managed superannuation funds in Australia in 2020-2021 was $216,658. Starting with at least $200,000 in assets is generally recommended to ensure the fund remains cost-effective.

10. Engage Professionals for Setup and Compliance

Work with experienced SMSF accountants Rise Accountants and other professionals, such as SMSF administrators, legal and financial advisors. We can recommend different professionals who can help you navigate the setup process and ongoing compliance.

Bonus Tip: Obtain an Electronic Service Address (ESA)

What is an SMSF ESA?

An SMSF ESA is an Electronic Service Address that enables your fund to receive employer superannuation contributions, rollover data, and government co-contributions. It links your fund and the SuperStream system, the ATO-mandated electronic data transfer network for super funds. An ESA is like your SMSF’s email address for processing contributions and rollovers electronically.

How Do You Get an ESA?

To get an ESA, you’ll need to contact one of the many SMSF ESA providers such as your SMSF administrator or ask us at Rise Accountants.

SMSF Member Number and Unique Superannuation Identifier

In the past, SMSF's were assigned member numbers, but now your self managed super fund's ABN (Australian Business Number) is your unique identifier.

Need Help Setting Up an ESA?

At Rise Accountants, we assist SMSF trustees with many important elements of fund setup and compliance, including obtaining and managing your SMSF ESA.

SMSF Benefits

How Rise Accountants can help set up your SMSF

Setting up a Self Managed Super Fund (SMSF) is an exciting step toward taking control of your financial future, but it requires careful planning and compliance with Australian regulations.

There are certain areas that accountants aren't permitted to assist with, but see below how we can help you start an SMSF.

Establishing the SMSF Structure

We will discuss the different SMSF structures for your fund - individual versus corporate trustee. We can provide advice on:

the practical steps that need to be taken to establish or wind up an SMSF
how to add new trustees and members to an existing SMSF
the different ways an SMSF could be structured
help you add members and trustees tor your SMSF
assist with completing paperwork (eg, purchasing securities, but we cannot provide financial advice)
provide other relevant factual information that you should know about establishing an SMSF

SMSF registration and documentation

To help make the process seamless, we can handle SMSF registration ensuring compliance from day one, including:

obtaining an Australian Business Number (ABN)
Tax File Number (TFN)
Electronic Service Address (ESA)
assist with opening a dedicated bank account for the SMSF

Set up systems for record-keeping

We will set up your fund's bookkeeping and reporting systems and will prepare your fund’s accounts and operating statements.

Ongoing compliance and advice

Once your SMSF is set up, we offer ongoing support to help manage compliance and reporting.

Annual tax returns

We will prepare your annual tax returns and can consult on taxation matters.

SMSF Benefits

Setup SMSF Online

You don't need to navigate paperwork alone. At Rise Accountants, we can work with you remotely to set up your SMSF online, combining the efficiency of digital tools with the knowledge and expertise of our professional team.

Our digital-first approach allows you to complete key tasks like SMSF registration and structuring, from the comfort of your home or office.

Here’s how we simplify SMSF set-up online:

Digital consultation and strategy

We start with a personalised consultation to understand your goals. You can book a complimentary 15 minute Discovery Call online. Following on from the initial call, we can either meet to discuss your SMSF goals in person at our Brisbane office if you located nearby, or via video call remotely. We work with clients across Australia.

Online submission of key documents

We handle all the necessary forms, including trustee declarations, SMSF registration, and applications for an ABN and TFN. Everything is done securely and efficiently online, saving you time and effort.

Dedicated bank account set up online

As part of the process, we assist in opening a dedicated SMSF bank account online, ensuring it meets compliance requirements for managing contributions, investments, and withdrawals.

Online privacy and security

At Rise Accountants, we are committed to protecting your privacy and data security. We combine technology and processes with trusted expertise, making the process of setting up a SMSF online as simple and secure as possible.

SMSF set up online + ongoing support
We will set up SMSF bookkeeping and accounting software systems online that our team and your directors can utilise. This is perfect for clients seeking both convenience and professional expertise.

Benefit from the speed and simplicity of an online SMSF, plus the reassurance that you will receive ongoing online support from a team of Certified Practising Accountants in Australia.

Making The Decision

Next Steps To Create An SMSF

Setting up an SMSF can be rewarding but requires attention to detail and a solid understanding of the rules. Rise Accountants can guide you through every step, from setting up an SMSF to ongoing administration and compliance. Contact us today to get started!

Rise Accountants offer a free 15-minute Discovery Call to help answer your questions about how to open a self managed super fund.

Book Your Free Discovery Call

Are you looking for a team of expert advisors and strategists to help you rise to reach your Financial, Mind & Time freedom? Our team have what it takes to make a real difference through actionable insights and exceptional support. Book your free 15 minute discovery session to find out how we can help support you and your finances.

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Demystifying Self Managed Super Funds

Self Managed Super Fund Setup

Setting up an SMSF

How to set up an SMSF