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Self Managed Super Fund (SMSF) Article
How to set up an SMSF - Step 1
By Tony Negline.
This article may be out of date.
19th November 2010
We are often asked what steps are involved in setting up a Self Managed Super Fund.
A fundamental legislative and trust law requirement for superannuation funds is that the assets of the fund must be held 'in trust' for the members of the fund. Therefore, one of the most important tasks when establishing a SMSF is the appointment of trustees and the drafting of the fund’s trust deed.
The super laws provide the legislative requirements to follow when deciding on the trustee structure of a Self Managed Super Fund. Trust law, the super laws and a fund’s trust deed provide the fundamental requirements relating to the proper conduct of trustees.
There are ten key steps in setting up a SMSF:
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