A checklist for setting up your SMSF

Setting up an SMSF can be complex, which is why a checklist is useful to streamline your process. Before you set up your SMSF, first determine if having an SMSF is a commercially viable option.

Once a decision is reached and you are about to start your SMSF, here are the basic steps to get things started:.

• Determine which members will be in your fund?
• Decide if you will you seek professional help to assist your set up?
• Decide whether the fund should have individual trustees or a corporate trustee
• Establish a suitable trust and trust deed
• Register your fund with the ATO
• Set up a bank account
• Prepare an exit strategy
• Get an electronic service address so the fund can receive contributions from employers