As one of the country’s largest privately owned specialist Self-Managed Super Fund (SMSF) business, we are often asked about our SMSF offer and SMSF establishment, particularly:
- How to set up a SMSF?
- How long does it take to set up a SMSF?
- How much does it cost to set up a SMSF?
- What’s involved in running a SMSF?
SMSF setup can be split into five simple steps:
- Select the fund members and trustees
- Set up the trust deed
- Set an investment objective and an investment strategy
- Register with the Australian Taxation Office (ATO)
- Open a bank account
What are the timeframes involved in setting up a SMSF?
How long it takes to set up a SMSF can depend on a few different factors. The first three steps of setting up a SMSF can be completed in a matter of days. Step four involves the ATO and their standard processing timeframe is 28 days. For the current financial year, the ATO is committed to finalising 93% of registrations in 20 business days.
The final step relies on your bank’s processing timeframes.
How much does it cost to set up a SMSF?
Costs of setting up a SMSF vary widely. Some SMSF businesses offer free set up in exchange for your agreement to numerous conditions. At the other end of the spectrum, set up costs run closer to $3,000 and usually incorporates access to a professional’s time, expertise and guidance.
Contact us today if you would like more information about set up costs and our inclusions.
What is involved for a trustee in running a SMSF?
Running a SMSF needs your time, interest and know-how to keep it operating within the super laws. Breaking super laws may lead to severe penalties, regardless of whether your actions were intentional or non-intentional.
Running a SMSF typically involves keeping on top of the super laws, record keeping, accepting contributions, making payments, reviewing investments, organising fund audits, meeting tax obligations and reporting regularly to the ATO. You can engage specialists like us that help you along the way, however, the consequences of all fund decisions rests with you.
Contact us today | Quill Group are your specialists in SMSF
Now that you have the foundational knowledge of what’s involved, costs and timeframes of setting up a SMSF, get in touch with one of our specialist team members today so we can guide you through the process.