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Self Managed Super Fund (SMSF) Article
How to set up an SMSF - Step 9

By Tony Negline.

This article may be out of date.

19th November 2010

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Step 9: Appoint External Service Providers

The trustees must decide on the appointment of compulsory external service providers such as an approved auditor, tax agent and possibly even an actuary. Although these services could be provided by a member of the fund acting in their professional capacity, such an arrangement would need to be done for free.

The trustees may also decide to appoint the services of a professional fund administrator, accountant, investment adviser or investment manager(s).

The appointment of external service providers must be made in writing by the trustees.

Whilst the trustees can engage other people to do certain acts or things on their behalf, the trustees are ultimately responsible and accountable for ensuring the fund is run in a prudent manner and administered correctly.

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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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