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Self Managed Super Fund (SMSF) Article
How to set up an SMSF - Step 10
By Tony Negline.
This article may be out of date.
19th November 2010
Trustees are required to open a bank account in the name of the fund. Alternatively a CMT will also suffice for this purpose. It is essential that the assets of the fund are kept separate from the personal or business assets of any of the trustees at all times. In situations where the trustees have appointed a professional administration manager for the fund, the opening of the fund’s bank account is commonly completed or co-ordinated by the administration manager.Once the above steps have been completed, the small super fund can commence its operations of accepting contributions, investing the assets of the fund and setting up the administration arrangements.
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