SMSF – Setting Up your SMSF

In order to set up a self-managed super fund (SMSF), there are several key steps to follow. The fund can have up to four members, with a legal trust deed covering how it should be established and operated. Trustees must sign and date the trust deed and have assets in the fund, even if it’s just a small amount of cash. The trustee declaration must be signed within 21 days and the SMSF needs to register through the Australian Business Register to be regulated by the ATO. Additionally, the fund may need to sign up with an SMSF messaging provider and ensure all members supply their TFN to avoid extra taxes.