How to set up a SMSF

Setting up a Self Managed Super Fund may initially seem like a daunting task. Where do I start? Who should I contact first? What are the costs? These are some of the most common concerns that future trustees experience when investigating how to set up a Self Managed Superannuation Fund. We make it easy for you to set it up the right way by connecting you with each of the professionals you need.

Put simply; we connect you with the expert professionals you need to set up your new Self Managed Super Fund.
Set up a Self Managed Super Fund in Six Steps:

1. Get Connected with a Superannuation Expert
Discuss your personal circumstances with one of the trusted planners in our network to determine if a Self Managed Super Fund (SMSF) is right for you.

2. Speak with an Accountant who specialise in SMSF
Get connected with one of our partnered SMSF specialist accountants who will first help you organise the drafting of your trust deed. They will also organise all the paperwork to properly register your newly created Super Fund with the Australian Taxation Office (ATO).

It doesn’t end there, you will also be assisted in setting up a bank account specifically for your new SMSF. Once your bank account is opened they will assist you in rolling in the money from your existing Superannuation accounts to your Self Managed Super Fund.

3. Discuss your Insurance needs within your Super Fund
Most people don’t realise they are paying for Life Insurance and Total and Permanent Disability (TPD) insurance within their current Superannuation Fund. It is essential that you speak with someone who is not only an expert in insurance, but a specialist when it comes to cover built into your Self Managed Super Fund before closing your existing Super Fund.

After all if something was to happen to you, it could be a financial disaster not to have insurance cover in between closing your old fund and setting up your SMSF.

We connect you with our partnered insurance expert who will discuss the different insurance products with you and explain exactly what you’ll need to achieve the level of cover you desire. The goal here is to get the right cover, from the right provider, at the right cost.

4. Create a Superannuation Investment Strategy
The next step is to discuss and create a plan of attack which is known as an investment strategy. The goal here is to determine the most effective and efficient way of growing your wealth faster within your Self Managed Super Fund.

One of our partnered Planners will advise you on investing directly in property and shares through your new SMSF. They will help you determine the best mix of assets suitable for you. There is no single answer to this, everyone is different and it will depend on your personal circumstances and what level of risk you are comfortable with.

Once all of your questions have been answered and your needs have been determined then the best way to grow your wealth will be transformed into a comprehensive investment strategy that is tailored to your own personal circumstances.

5. Execute your Investment Strategy
Now that you have everything set up it is time to put your plan into action and start investing. We connect you with highly experienced external Property experts and our in house Share and Option advisers who specialise in investing within Superannuation.

These professionals understand the important principles of diversification and the extensive research that is needed to create a share and property portfolio designed for your SMSF.

6. Maintain and Review your Super Fund
Finally, get ongoing support and assistance with all your Super Fund maintenance needs. Accounting and tax advice for Self Managed Superannuation is essential and we connect you with our partnered, highly experienced experts in the industry. We’ll also connect you with expert Auditors and Administrators to ensure that your fund remains compliant and answer any questions you may have about what you can and can’t do with your Superannuation money. It is also important to review your Investment Strategy as your personal circumstances change, which our investment advisors and trusted planners will assist you with.

Ready to find out if a Self Managed Super Fund is right for you? Let us help by connecting you with the right professionals. Contact us today or complete the form below and take that first step!

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