Establishing Your DIY SMSF

Do you want to setup or establish your own DIY SMSF? Are you confused about the steps involved in establishing a SMSF? It requires you to:

  • Decide whether to set up alone or with up to three other adult people (usually family members and/or business associates)
  • Procure and execute a DIY trust deed
  • Sign trustee declaration(s)
  • Develop and document an investment strategy
  • Execute binding death benefit nomination (optional but usually advisable)
  • Apply for ABN, TFN, and election to be regulated by the ATO
  • Open a bank account in the DIY super fund name
  • Arrange for transfer of existing superannuation account balances into the new DIY super fund (usually from large non-DIY super funds but can be from other DIY SMSFs as well)
  • Complete and deliver Super Choice forms and compliance notifications to employers of all the DIY members in order for future employer contributions on their behalf to be paid into the new DIY fund
  • Decide whether life or disability insurance cover is to be taken by the DIY fund, and act on the decision made if in the affirmative

For more information about this process please Contact Us Today!