Setting up an SMSF gives you control over your financial future as you set yourself up for the retirement phase of your life. But to really gain the full advantages of having a SMSF, particularly the tax incentives and the ease of management, it’s crucial that the SMSF setup process be adhered to strictly from beginning to end.

SMSF setup is relatively easy if you follow these simple, stress-free processes:

  • Search around the local area for a SMSF setup specialist to guide you along the way.
  • Create a trust deed – This deed sets out the conditions of the SMSF that the trustees must abide by.
  • Appoint trustees – These are the people who oversee the day to day management of your SMSF.
  • Register with the ATO.
  • Create a bank account for your SMSF.
  • Roll over your existing super from any existing super funds you might still have. This will help to eradicate any monthly service fees that are being taken out simply for the account existing.
  • The final stage of the SMSF setup process is to set up the investment strategy. You can choose to invest in the likes of Australian and overseas listed shares, term deposits, commercial or residential property, managed funds, listed unit trusts and more. You can opt for a conservative investment plan that offers consistent and steady growth, or you can choose an aggressive approach, where you might put all your funds into one investment strand and hope that the rising market will give you a better return.

Contact the SMSF Setup Specialists Today

Abiding by correct SMSF setup procedure will ensure your fund is eligible for tax concessions, compliant with Government regulations, and passes the SMSF auditing process. Book an initial consultation with Gavin Ma & Co – the SMSF setup specialists – and discover how we can help you. Call us on (03) 9557 3138 or email to book an appointment.

With a local presence, we’re proud to provide our services to businesses in Bentleigh and surrounding suburbs such as Brighton, Moorabbin, McKinnon, Caulfield and Oakleigh. We can also assist clients across greater Melbourne with all their accounting needs.