Setting Up SMSF

Your SMSF needs to be set up correctly so that it’s eligible for tax concessions, can receive contributions and is as easy as possible to administer.

Consider appointing professionals to help you

An SMSF is a complex undertaking and you can’t do it all yourself.

Each year you’ll need to appoint an approved SMSF auditor to audit your fund.

You can also engage other SMSF professionals, such as accountants and financial advisers, to help you set up and run your fund.

  • An accountant can help prepare your fund’s accounts and its annual financial position and operating statements.
  • A tax agent can complete and lodge your SMSF annual return, provide tax advice and represent you in your dealings with us. You can check if your tax agent is registeredExternal Link at the Tax Practitioners Board.
  • A fund administrator can help you manage the day-to-day running of your fund and meet your reporting and administrative obligations.
  • A legal practitioner can prepare and update your fund’s trust deed.
  • A financial adviser can help you prepare an investment strategy and advise you about the different types of investment and insurance products. The ASIC website has information about choosing a financial adviser

If you use an SMSF professional to help you set up your fund, you’re still responsible for making sure it’s done correctly.

Next step:
Choose individual trustees or a corporate trustee

*reprint from the Australian Taxation Office

Create and Protect Financial Planning
Create and Protect Financial Planning group helps you set realistic lifestyle and financial goals and provide you with advice on strategies to achieve those goals. This can include managing debt, budgeting, investments, superannuation, retirement planning, risk management and estate planning.

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