SMSF Setup & Administration Info

Tips & traps for setting up and running your SMSF

SMSF Education
Smsf setup & admin info

SMSF setup + annual administration info

HOW TO ESTABLISH A SMSF

Setting up a SMSF is not a particularly difficult or onerous task. In fact, it is quite simple if a prospective trustee is able to follow along with a few key steps and ensure they are organised.

The majority of people will use the services of either an accountant or an adviser to assist them, however this is not absolutely necessary. There are many online SMSF setup services that provide an ‘SMSF establishment kit’ along with instructions on how to finalise the setup.

Establishing an SMSF will generally follow these steps:

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SMSF SETUP - ITEMS TO CONSIDER

Now whilst the article above goes through the steps involved in establishing a self managed super fund, there are a number of issues and decisions that crop up within that process. This article takes you through those issues and provides some general information on each one.

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ANNUAL SMSF ADMINISTRATION

To continue receiving the generous tax concessions of superannuation, SMSF trustees must continue to ensure they are a regulated and complying fund. Part of this requires trustees to lodge an annual return with the ATO, and to keep specific financial records, which are also audited each year. This article goes through what this entails.

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SMSF ANNUAL ADMIN CHOICES

Once a trustee understands what is involved in completing their annual SMSF administration, there are actually a number of different ways that they can go about it and how they can get assistance in doing it. This article goes through these issues and explains the different options available.

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