Setting up a self-managed super fund (SMSF)

Information you need to open the bank account

To open the account, you need to provide the financial institution with information such as:

the fund’s name, ABN, TFN and address
the name of each member and their residential address
identification documents for each member
the name and Australian Company Number (ACN) of the corporate trustee (if you have one).

You can update your fund’s financial institution account details through a registered agent, through Online services for business, or by phoning the ATO on 13 10 20.

Remember, you must make sure your SMSF sets up a new bank account that is not a personal or business account of any trustee.

What is an SMSF?

3 mins

What is an SMSF?	0%
The SMSF lifecycle	0%
Who is responsible?	0%
What you can’t do with an SMSF	0%

Is an SMSF right for you?

6 mins

Review SMSF sector statistics	0%
Understand all SMSF obligations	0%
Penalties	0%
Seeking financial advice	0%

Setting up an SMSF

1 mins

The steps to set up an SMSF	0%

Choose an SMSF trustee structure

4 mins

Choose an SMSF trustee structure	0%
Requirements for each structure	0%
How the SMSF structures compare	0%

Appoint trustees

6 mins

Appointing trustees	0%
Who can be a trustee or director of a corporate trustee?	0%
Things to know if you intend to be a director of a corporate trustee	0%
Your role and responsibilities under the law	0%
Consent to being appointed as a trustee	0%
Sign the trustee declaration	0%
Record identification details	0%

Check your SMSF is an Australian super fund

2 mins

Check your SMSF is an Australian super fund	0%
Activity	0%

Create a trust deed

2 mins

Create a trust deed	0%
Requirements of a trust deed	0%
Activity: SMSF packages or kits	0%

Hold assets

2 mins

Assigning assets	0%
The ownership of your fund’s assets	0%
Holding fund assets	0%

Register your SMSF

3 mins

Registering your SMSF	0%
ABN and TFN registrations	0%
Registration application delays	0%
GST	0%
After you register your SMSF	0%

Set up a bank account

2 mins

Setting up a unique bank account for the fund	0%
Information you need to open the bank account	0%
Activity	0%

Get an electronic service address

1 mins

Electronic service address	0%

Create an investment strategy

2 mins

Create an investment strategy	0%
Investment strategy format	0%
Activity	0%

Plan for the future

1 mins

Member and fund insurance	0%
Death benefit nominations	0%

Prepare an exit plan

2 mins

Prepare an exit plan	0%
What to include in the exit plan?	0%
Regularly review the exit plan	0%

Record-keeping requirements

2 mins

Keeping good records	0%
Keep accurate records	0%

Notify the ATO and ASIC of changes

2 mins

Keep your fund details up to date	0%
Notify the ATO and ASIC of changes	0%

Consider professional advice

2 mins

How a professional can help you	0%
Activity	0%

Help and more information

3 mins

How your SMSF is regulated	0%
ATO	0%
ASIC	0%
SMSF support services	0%
Phoning the ATO	0%
Activity	0%

Related courses

1 mins

Related courses	0%

Course Feedback

Course Feedback	0%