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Is it easy to set up an SMSF?

It is not necessarily easy to set up an SMSF, or self-managed super fund. An SMSF is a type of superannuation (retirement savings) structure that is managed by the members of the fund, rather than by a professional fund manager. This can provide greater control and flexibility for the members, but it also means that they are responsible for managing the fund and making investment decisions. Setting up an SMSF involves several steps, including:

  1. Choosing a trustee structure for the fund (e.g. individual trustees or a corporate trustee)

  2. Registering the fund with the Australian Taxation Office (ATO)

  3. Developing a written investment strategy for the fund

  4. Establishing a bank account for the fund

  5. Transferring assets into the fund

These steps can involve a significant amount of time and effort, and it is important to ensure that the SMSF is set up and managed in compliance with the relevant laws and regulations. It is recommended that people seek professional advice before setting up an SMSF, and that they carefully consider whether this type of structure is suitable for their needs. While it may not be easy to set up an SMSF, it can provide certain benefits for those who are willing to take on the responsibility and work involved in managing their own superannuation.

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