Summary of SMSF establishment issues and steps
Step 1: Decide whether to use the constitutional corporation route (ie have a corporate trustee) or old age pensions route (ie have individual trustees). Note that either route allows the fund to pay lump sum and/or superannuation benefits, provided this is also permitted by the fund’s trust deed.
Step 2: Arrange for preparation of the fund’s trust deed (incorporating one or both of the options referred to in Step 1).
Step 3: Arrange for appointment of trustee(s):
obtain written consent to act, including a declaration regarding disqualified person status if the fund has a corporate trustee, obtain a written consent to act as the directors of the corporate trustee
- obtain trustee declaration of knowledge of SIS trustee obligations as required by the SIS Act
- attend to any other corporate trustee requirements under the Corporations Act 2001
- where a person is appointed a trustee under an enduring power of attorney, ensure that the power has been properly executed in accordance with the state or territory law, and the ATO’s guidelines are complied with.
Step 4: Prepare an investment strategy for the fund.
Step 5: Trustee(s) to:
- approve trust deed
- resolve to make the election to become a regulated superannuation fund
- approve admission of initial members, and
- adopt investment strategy on or before receipt of members’ contributions.
Step 6: Execute the election to be a regulated superannuation fund and lodge it electronically or send it to the ATO within 60 days of fund’s establishment (see Step 9).
Step 7: Provide required information to new members (see Chapter 6 “Reports and returns”).
Step 8: Open a bank account for fund.
Step 9: Apply for an Australian business number (ABN), a tax file number (TFN) and/or goods and services tax (GST) registration for the fund (these applications form part of, and can be made, in the same ATO form electing to be a regulated superannuation fund in Step 6. For a copy of the approved ATO form “Application for ABN registration for superannuation entities”.
There are a lot of steps to start an SMSF but we have streamlined the process to make it as easy as possible. We take care of all the minutes, forms and application forms on your behalf.
If you have any questions please give Cayle Petritsch or Martin van der Saag a call on 02 9984 7774. Read more Superannuation articles.
“Establishing an SMSF is not just about paperwork — it’s about creating the right structure from day one.”
About the author
Cayle Petritsch - Director & Wealth Advisor
Cayle Petritsch, Director and Wealth Advisor, works with our existing clients who have recognised the importance of business owners making strategic financial choices not only for their company, but for their personal finances too.
Cayle saw a great opportunity to expand North Advisory’s services into SMSF/superannuation, personal wealth management, asset protection services and other crucial personal finance facets that business owners need to consider.
His approach to wealth management allows you to receive highly personalised wealth advice. Working closely with Marius, Cayle understands the unique needs of every client, from their lifestyle and business goals to their retirement plans.
Key Takeaways
Proper Setup Is Critical
Errors made during establishment can lead to compliance breaches and long-term complications.
Trustee Responsibilities Are Significant
SMSF trustees carry legal responsibility for compliance, record keeping and decision-making.
Documentation Must Be Accurate
Trust deeds, trustee declarations and registrations must be completed correctly and kept up to date.
Driven by our values
Effortless and Seamless
On-Boarding Process
Intuitive and Knowledgeable
Direct Expert
Access
Useful and Articulate
Financial
Reporting
Forward
Thinking
Compliance Solutions
Streamlined
Tech
Integrated and Automated
Frequently Asked Questions
What is involved in setting up an SMSF?
Setting up an SMSF involves establishing a trust, appointing trustees, creating a trust deed, registering with the ATO and setting up appropriate bank and investment accounts.
Who can be a trustee of an SMSF?
All members of an SMSF must be trustees or directors of a corporate trustee and meet eligibility requirements under superannuation law.
What are common issues when establishing an SMSF?
Common issues include incorrect trustee structures, outdated trust deeds, poor documentation and a lack of understanding of compliance obligations.
Do I need an investment strategy when setting up an SMSF?
Yes. An SMSF must have a documented investment strategy that considers risk, diversification, liquidity and the retirement objectives of members.
Should I seek professional advice before establishing an SMSF?
Yes. Professional advice helps ensure the SMSF is suitable, compliant and structured correctly from the outset.
How long do I have to register my new SMSF with the ATO?
You must elect for your SMSF to become a regulated super fund and lodge the election with the ATO within 60 days of establishment.
North Advisory’s Reviews 
On 
Flo Mitchell
4 weeks ago
Changed to this company in 2019 from former accountant and love their approach of organizing everything for me face to face with Xero set up plus being able to call as much as I need for set annual fee. They also picked up on something that was not done correctly by my former accountant and saved me $4k for this.
Timothy Cummins
A month ago
They the truly the best, Martin and Judy are so experienced, knowledgeable & professonal, also quite like speaking with Rose : ) all people are so lovely!
Michael Iera
2 months ago
Positive, Responsiveness, Quality, Professionalism, Value
Michael Iera
2 months ago
Excellent company in regards to service and professionalism. Very experienced in dealing with complex matters. Highly recommended.
Reach out we are here to help
Recognising the uniqueness of each business, we specialise in customised accounting services crafted to meet your specific needs and drive business growth.
Don’t hesitate to contact us if you’re ready to streamline your financial management with tailored solutions. Your business’s success is our primary focus. Fill in the contact form or call us to book an initial 30-minute chat.
Suite 6, 11 Oaks Avenue
Dee Why, Northern Beaches
NSW 2099
Australia