Setting up an SMSF can be complex, which is why a checklist is useful to streamline your process. Before you set up your SMSF, first determine if having an SMSF is a commercially viable option.
Once a decision is reached and you are about to start your SMSF, here are the basic steps to get things started:
- Determine which members will be in your fund?
- Decide if you will you seek professional help to assist your set up?
- Decide whether the fund should have individual trustees or a corporate trustee
- Establish a suitable trust and trust deed
- Register your fund with the ATO
- Set up a bank account
- Prepare an exit strategy
- Get an electronic service address so the fund can receive contributions from employers