Ready to take control of your super? Here’s a simple guide to setting up your own Self-Managed Super Fund.

• Step 1 – Check Eligibility

  “Are You Eligible?”

• • You must be an Australian resident.
  • SMSFs can have up to 6 members, but no more than 4 trustees.
    Make sure you meet the criteria before diving in.

• Step 2 – Choose Trustees

• • You can be a trustee, but it’s important to understand the responsibilities.
  • Decide whether to have individual trustees or a corporate trustee for more structure.
    Make this decision carefully to ensure smooth operations.

• Step 3 – Set Up the Trust Deed. 

The trust deed outlines how your SMSF will operate and must be legally binding.

• • Work with a professional to ensure it’s tailored to your needs.
    This is a critical step in ensuring compliance and flexibility.

• Step 4 – Open a Bank Account 

You’ll need a separate bank account for your SMSF to handle its funds. 

• • This account must be used solely for SMSF-related transactions. It helps keep things organised and ensures compliance.

• Step 5 – Invest and Manage 

Once everything is set up, you can start investing according to your fund’s strategy. 

• • Keep records of every transaction. 
  • Regularly review investments to stay on track for retirement goals.
    Ongoing management is key to your SMSF’s success.

Setting up an SMSF can be complex, but with the right advice, it can be a great way to take control of your retirement.

Let’s talk about how we can help you through the process.