SMSF Establishment by SMSF Experts Accountants in Adelaide

Super Initiatives SMSF Establishment Process

SMSF-Establishment-11. Client meeting where costs, benefits and tax strategies are explained

2. Determine if a company trustee is suitable

3. Client chooses name of SMSF and associated corporate trustee
(if required)

4. Invoice raised to client for payment to establish the fund

5. Payment received and fund is established
(Timing: 24 – 48 hours)

SMSF-Establishment-26. SMSF deed, minutes, establishment documents and corporate trustee documents are signed by the client

7. Super Initiatives applies for all applicable statutory registrations including ABN, TFN, GST, complying fund
(Timing: 24 hours – 28 days day depending on the ATO)

8. Client establishes 2 x SMSF bank accounts, one general working account and one interest bearing at call

9. Authorities linking bank accounts to our accounting system are signed

10. Once the ABN is received and the fund is complying, apply for rollover of member balances from industry or retail fund(s)
(Timing: up to 28 days depending on the industry/retail fund)

SMSF-Establishment-311. Investment strategy is determined. If direct property with a loan is selected by client; pre-approval application made to bank for finance.
(Timing: 21 – 28 days depending on bank)

12. Investment decisions made

13. Tax strategies are put in place

SMSFs are being established at a rapid rate all over Australia. Close to 40,000 new funds are being set every financial year. There are now well over 500,000 SMSFs.

There is now more money in SMSFs than in industry or retail funds.

Refer to the following ATO data extracted 7 April 2014 to see how many Australians are adopting SMSF: