New SMSF Setup

If you apply to establish a New SMSF you need to be aware of  the setup requirements and associated costs as follows:

  •  The SMSF Trust Deed
  • Documentation to appoint Trustees
  • Trustee Declarations
  • Lodgement of an Election for your SMSF to become a Regulated SMSF
  • ATO Application to obtain a Tax File Number for your SMSF
  • ATO Application to obtain an Australian Business Number for your SMSF
  • Sample Investment Strategy that you can adopt for your SMSF or modify if required
  • Resolutions and minutes to acknowledge the establishment of your SMSF
  • Application to establish a Cash Management Trust (CMA) with Macquarie or another Lender.
  • Application to establish a Broker Account/Trading Account with Macquarie or another Lending platform.

Why a SMSF?

It is important to consider the appropriateness of a SMSF for your needs now and in the future.  Not everyone should have a SMSF set up and care should be taken to decide whether or not to have one set up.  If you already have a SMSF then you should review your need to continue to hold one.

We believe there is only one main reason why anyone should establish and/or maintain a SMSF.  It is for those of you who wish to purchase property and/or other types of investments e.g. artwork, that cannot be held in a standard super fund.  Only then is a SMSF may be appropriate for you.

However, if you only wish to invest in shares and other more transitional investments, then talk to us as their are alternative structures that are way cheaper than operating and managing a SMSF.  For instance, most of our clients pay less than 0.4% in ongoing fees with regard to their superannuation.  We place clients into shares, ETF’s, Term Deposits, and other managed funds.

By the way, ‘Control’ e.g. having control of your investments, is not a good enough reason to have a SMSF.  There are a lot of other super fund options available now that enable you to have full control of your investments without the hefty costs associated with managing a SMSF.

Talk to us before making a decision to set up a SMSF.

Important Information

Accountants and Financial Planners working together

You need to be aware that accountants cannot set up a SMSF unless they have the appropriate financial planning qualifications and licenses to do so.  From 1st July 2017, ASIC removed the ability for accountants to set up, discuss or close a SMSF.  As such, you have to either set up the SMSF yourself or engage a financial planner to do so.

The good news is that Find Accountants Pty Limited is part of the Find Group of companies which includes Find Wealth Pty Limited.  Find Accountant Pty Ltd will look after the tax side of your SMSF, whereas Find Wealth Pty Ltd, who have in-house specialist SMSF financial planners, will look after the financial planning side of the business (where an agreement is signed) and answer all of your SMSF questions.

The financial planners will be able to help you set up the SMSF and provide guidance as to the appropriateness of such a vehicle for you.

If you do require financial planning advice, we will engage Find Wealth Pty Limited on your behalf to provide the necessary Statement of Advice with their recommendations as to the suitability of this product for you.

Additional Fees no one can avoid

When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an ATO Supervisory Levy , here.