A checklist for setting up your SMSF

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

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