Self Managed Super Fund Services (SMSFs)

Once we have all this, we can get started on setting up your SMSF. We review executed documents and register the fund with the ATO. Once we receive the signed documents back, we will conduct a final review of the executed documents to make sure they have been signed, dated and witnessed in all the correct places.  Once we’ve done this, we’ll register the fund with the ATO on your behalf. The ATO will allocate a tax file number (TFN) and an Australian Business Number (ABN) to your fund. This may take up to 28 days and sometimes even longer. The ATO has a series of checks it runs when a new person starts or joins an SMSF.  They might call you to make sure you understand your responsibilities as a trustee.  If you owe tax or haven’t lodged returns (either personally or even through a business), they might reject you altogether. Make sure you don’t commit to anything for your SMSF before you’ve definitely been passed by the ATO. 

Once you send back the signed paperwork, we’ll give it a thorough once-over. We’re basically making sure everything’s signed on the dotted line, dated correctly, and witnessed where it needs to be. It’s like a final check to make sure all the i’s are dotted and t’s are crossed.  After that, we’ll handle the registration with the Australian Taxation Office (ATO) for you. Don’t worry, you won’t have to deal with them directly at this stage. The ATO will then assign your fund a Tax File Number (TFN) and an Australian Business Number (ABN). Fair warning though, this isn’t an overnight process. It can take up to 28 days, and sometimes even longer.

The ATO doesn’t just rubber-stamp these applications. If you’ve got any outstanding tax issues or haven’t filed your returns (personal or business), the ATO might not approve the application.  So it’s good to make sure your taxes are up to date.

When you’re setting up your own Self-Managed Super Fund (SMSF), you’ll probably want to move some money from your existing super account into it. This process is called a “rollover” – it’s basically just shifting your super savings from one place to another. Now, if you’re planning to close your old super account completely and move everything to your shiny new SMSF, it’s pretty straightforward. You’ll need to fill out an ATO rollover form and send it off to your old super fund. Keep in mind, if you’ve got money in more than one super fund, you’ll need to do this for each one separately.

But what if you want to keep some money in your old super account? You’ll just need to get in touch with your old fund directly. They’ll have their own forms for you to fill out if you only want to transfer part of your balance to your new SMSF. When you’re moving money into an SMSF, the big super funds often want quite a bit of information. It’s a bit like going through airport security – they need to check your ID before letting you through. To make this process smoother, it’s a good idea to double-check that all your details with your current fund are up to date and correct. Make sure your name, date of birth, and address are exactly right, and that they match the details you’ve used to set up your SMSF. It might seem like a small thing, but having everything match up can save you a lot of hassle down the line.