Starting a self-managed super fund

Starting a self-managed super fundA guide to help you decide if a self-managed super fund (SMSF) is right for you, and how to set one upThis publication was current at May 2022. To ensure you have the most recent information you can check AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA, 2022 You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).PUBLISHED BY Australian Taxation Office Canberra May 2022 NAT DE-46167 ContentsIs an SMSF right for you? 2 What is an SMSF? 3 What are your obligations? 4 Consider professional advice 8 How do I set up an SMSF? 9 STEP 1 Choose an SMSF structure 9 Requirements for each structure 9 Examples 9 How the structures compare 10 STEP 2 Appoint trustees 11 Eligibility who can be a trustee or director of a corporate trustee? 11 Things you need to know if you intend to be a director of a corporate trustee 11 Your role and responsibilities under the law 12 Consent to being appointed as a trustee 12 Sign the trustee declaration 12 Record identification details 12 STEP 3 Create a trust deed 13 STEP 4 Check your fund is an Australian super fund 14 STEP 5 Holding assets 15 Ownership of your fund s assets 15 STEP 6 Register your SMSF 16 ABN and TFN 16 GST 17 After you register 17 STEP 7 Set up a bank account 18 STEP 8 Get an elect

Managing your own super is a major financial decision. You need to be certain you have the knowledge, time and skills to do it. This includes spending time on: ... not hinder any trustee from performing or exercising functions or powers

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