SMSF Setup

Comprehensive SMSF Setup & Registration Package $330 (GST Incl.)

SATO SMSF Administration® provides a practical solution to your fund establishment requirements. Correct fund establishment procedure is vital in establishing the governance of how the fund will operate on a daily basis. Our practical approach to SMSF setup has enabled clients around Australia to rollover their existing superannuation entitlements and take full control of investment decisions. The fund establishment and registration package include the following documentation to ensure your fund receives the full tax concessional benefits it is entitled to:

Superannuation trust deed – an electronic copy plus one hard copy of the trust deed which should be signed by the trustees. The superannuation trust deed may be required by third party providers such as lending institutions and stockbrokers, when opening a fund bank account or purchasing investments. Click here to see the major trust deed clauses;
Certificate of Compliance;
Notice of Consent to Act as Trustees;
Minutes of meetings to record acceptance of trustees;
The ATO instruction on “Role and responsibilities of trustees;”
The ATO booklet “Key messages for trustees”
Membership Application Form – to be signed by each member admitted to the fund;
Minutes of meetings to accept members into the fund;
Fund investment strategy template – trustees must draft, implement and adhere to the strategy as outlined when considering investment decisions on behalf of members of the fund;
Binding Death Benefit Nomination (BDBN) – instructions and form;
Tax file number (TFN) application form;
The ATO publication “Application for ABN registration for superannuation entities;”
The ATO instruction on “ABN registration for superannuation entities;”
An election to become a regulated self managed super fund;
Checklist – easy to follow checklist detailing every step involved in setting up a self managed super fund
The ATO “Trustee declaration;” &
SATO SMSF Administration® invoice – a copy for your retention and record of services rendered.

All Australian Taxation Office (ATO) publication and forms are provided free of charge for your convenience. This will better assist trustees in understanding their role and responsibilities in managing their self-managed super funds. Our company is independent of all the major banks and brokers. Our professional fees are based on services rendered with no trailing commissions. Clients are free to choose which stockbrokers, mortgage brokers and banking institution to engage in. There are no restrictions.

Commence Application

Australian Business Number (ABN) Registration

The initial step in setting up a self managed super fund will also require the compulsory registration of the Australian Business Number. The requirement for self-managed super funds to register for the ABN is independent of the need to register for GST. As not all funds are required to register for the GST, the ABN is a unique system that enables the collation of statistical information on superannuation used primarily for the Government’s planning policy.

Step by Step Guide to Setting Up Your Self Managed Superannuation Fund

The instructions listed below should be the responsibilities of trustees. Our company is here to provide assistance where required. The list does not have to be in chronological order, but should be referred to as a guide for your SMSF Setup:

  • Appoint SATO SMSF Administration to assist with setting up a self-managed super fund;
  • Determine who is permitted to be members of the fund. Learn more about membership rules;
  • Decide who should act as trustees. Learn more about trustee responsibilities;
  • Appoint trustee(s) to act in bona fide for the members;
  • Superannuation trust deed execution. This requires the trustees to sign the superannuation deed and provide a date to formally establish the fund;
  • Members application form needs to completed;
  • Trustees must sign a “trustee declaration” to the Australian Taxation office to confirm their understanding of their roles and responsibilities;
  • If members would like to nominate an employer, then the employer sponsor signs the trust deed and completes the required application to become an employer sponsor;
  • A Tax File Number (TFN) request and an ABN application is lodged with the ATO;
  • An application to become a “regulated fund” needs to be lodged with the ATO within 60 days;
  • A fund bank account needs to be established in the name of the super fund. This is a vital procedure to ensure compliance. As an example the name should be “John & Jane Citizen ITF the Citizen Superannuation Fund”. As with any banking requirements, the trustees will need 100 points to prove identification, as well as providing a signed copy of the superannuation trust deed. In the case of a corporate trustee structure, directors will also need to provide 100 point to prove identification, as well as providing a copy of the company constitution and superannuation deed. Click here for further instructions on opening a bank account;
  • If there are any existing benefits from other superannuation funds, they should be rolled over. The employer can also commence making contribution on behalf of the members. The member can also contribute to the fund out of personal savings. The fund will be officially established when one of these three events has occurred. Learn more about superannuation benefits rollover;
  • A register needs to be established to record minutes of meetings held by the trustees. This is normally a folder that includes the collation of copies of the superannuation trust deed, all other documents relating to the fund establishment, fund accounts and all other trustee minutes;
  • An administration system is created to record the financial position of the super fund and accurate details of member’s benefits. In its simplest form, this involves the correct completion of all cheque butts and the filing of documentation. This includes, but is not limited to – CHESS statements from your stockbroker for the purchase and subsequent sale of shares and dividend notices; &
  • Trustees provide members with certain information regarding the super fund. In most cases, trustees are reporting to themselves, as they are also members of the fund.
Commence Application

Clients also have the option of downloading the SMSF setup application form, from the list below. You have a choice of either the Word format or PDF format.

Application for Fund Establishment with Individual Trustee(s)

Individual Trustee(s) Fund Establishment Kit (Word Document)

Individual Trustee(s) Fund Establishment Kit (PDF)

Application for Fund Establishment with Corporate Trustee

Corporate Trustee Fund Establishment Kit (Word Document)

Corporate Trustee Fund Establishment Kit (PDF)

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