Expert wisdom on setting up an SMSF will be explored in this post today. You will get all the 7 steps that you as a SMSF beginner should know about. It will make the process a lot easier and hassle free. You can share this post with those who are trying to set up an SMSF.
Here we go:
1. Meet an SMSF Advisor
This is the simplest and very first step. Starting an SMSF can be tricky and you cannot trust non-experts with your money. Go talk and meet with an SMSF advisor and learn about the process. This 7 step process starts with an advisor because you have little idea about it. Once you meet an SMSF advisor you can even use them as your SMSF auditor and investment guide throughout the year.
2. Begin with a Trust Deed
One of the important documents in SMSF is the trust deed. It is the very first that you need to start a fund. It has all the rules and helps you govern your SMSF.
3. Finalise Trustees and Members
You are going in for investment for a long term and you need trustees and members of your family or business to reap the benefits on retirement or their beneficiaries to receive the money in case of death of a SMSF trustee. You have 21 days to declare trustees and members, since the beginning of your SMSF.
4. ATO Registration
Within 60 days of starting your SMSF, you need to register with the ATO. This will help you get tax concessions and ATO can regulate your fund.
5. Set Up a Bank Account
To receive benefits and income from your fund you need a bank account. Open it and link it with your SMSF.
6. Transfer your super to SMSF
You need to finish the rollover initiation request so that your super balance can be transferred to your SMSF. All you need is to fill a form online, just ask your SMSF advisor.
7. Plan and Formulate an Investment Strategy
It’s time to hit the nail on its head, as you are about to finish setting up an SMSF. Plan and formulate an investment strategy if you have the knowledge about real estate, stocks, and bonds. If not, you can always visit your SMSF advisor and get some wisdom.
Want to know more about SMSF? Contact our experts on 1300 707 326 or [email protected] today.