Decide if a self-managed super fund (SMSF) is right for me
-   Consider if I have the knowledge, time and skills to do it

Choose an SMSF trustee structure
-   Choose between individual trustees or a corporate trustee
-   Register a company if I’m using a corporate trustee structure
-   For corporate trustees structure, directors will need to have a director identification number before being appointed.

Appoint trustees
-   Make sure all trustees pass the eligibility criteria
-   All trustees should understand their role and responsibilities
-   All trustees must consent in writing to be a trustee
-   Ensure all trustees have signed a trustee declaration within 21 days of consenting to becoming a trustee stating they understand their duties and responsibilities
-   Record all trustee and member identification details
-   Record corporate trustee details (legal name, ACN/ABN, TFN, address and date of registration

Check my SMSF is an Australian super fund
-   Ensure my fund meets the residency rules
-   Consider how my fund will meet residency conditions if members are planning to go overseas for an extended period

Create a trust deed
-   Create a trust deed unique to my fund’s objectives
-   All trustees must read and understand the deed
-   Ensure all trustees sign and date the deed
-   Regularly review and update the deed so that it continues to meet members’ needs

Hold assets
-   Assign and document the fund assets
-   Ensure the fund has clear ownership of its assets
-   Record each member’s benefit

Register my SMSF
-   Apply for an ABN and TFN within 60 days of my SMSF being legally established
-   Register for GST (if needed)

Set up my SMSF bank account
-   Open a bank account in the fund’s name
-   Update the fund’s bank details

Get an electronic service address (ESA)
-   Check the register of SMSF messaging providers or contact my SMSF administrator to get an ESA
-   Check the ESA is able to provide rollover services
-   Update the fund’s ESA details through the ABR

Create an investment strategy
-   Consider the right investment approach for my SMSF based on my members’ circumstances
-   Create and document an investment strategy

Plan for the future
-   Consider arranging insurance to protect fund members
-   Consider arranging insurance to protect fund assets
-   Consider completing a death benefit nomination

Prepare an exit plan
-   Consider circumstances for winding up
-   Check if there are rules in your fund’s trust deed about how to handle specific life events
-   Consider members’ instructions to deal with their benefits upon their death
-   Consider appointing an enduring power of attorney
-   Estimate the costs of winding up
-   Consider the liquidity of the fund’s assets
-   Ensure all trustees can access the fund’s records and electronic transaction accounts

Review the exit plan regularly.