This video from the ATO provides an overview of the essential steps involved in establishing a Self-Managed Super Fund (SMSF).
Source: the ATO Youtube Channel
Key Topics Covered:
- Choosing Trusteeship: Deciding between individual trustees or a corporate trustee structure for your SMSF.
- Creating the Trust and Trust Deed: Establishing the SMSF as a legal entity and drafting a trust deed that outlines the fund’s governing rules.
- Registering the SMSF: Obtaining an Australian Business Number (ABN) and Tax File Number (TFN) for the fund, and registering with the Australian Taxation Office (ATO).
- Setting Up a Bank Account: Opening a dedicated bank account in the fund’s name to manage contributions, income, and expenses.
- Developing an Investment Strategy: Formulating a strategy that aligns with the retirement objectives of the members and complies with legal requirements.
- Understanding Compliance Obligations: Familiarizing yourself with ongoing administrative duties, reporting, and compliance responsibilities to ensure the SMSF operates within the law.
This video serves as a practical guide for individuals considering the establishment of an SMSF, highlighting the critical steps and considerations involved in the process.