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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This article may be out of date.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

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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:

Step 1: Choose A Fund Name

The easiest part of creating a SMSF is to name the fund itself.  The Cooper Review suggested to the Government that SMSFs shouldn't be allowed have a name similar to an existing large fund.

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This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

 
 
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