Congratulations on making the decision to take control of your superannuation. By running your own superannuation fund you can in charge of your own destiny.

7 Steps to Starting and Running your superannuation fund

Step 1 Decide on a Trustee Structure

You can choose between an Individual or Corporate Trustee. If you’re not sure on the difference – checkout our technical guide of the Features and Benefits between the two options.

Step 2 Start your Application Online

SMSF Live can set up your superannuation fund in no time. The setup process is quick and simple and you can contact us with any questions along the way.

We will prepare all of your documents and provide you with our SMSF Starter Kit as follows:

Welcome letter and instructions;
SMSF Trust Deed and related documents;
Nomination of Death Benefit Form;
ATO Trustee Declaration;
Financial Services Guide and Product Disclosure Statements.

We also apply to the Australian Taxation Office (ATO) for an Australian Business Number (ABN) and Tax File Number (TFN), for your super fund. We also take care of the GST registration is required.

You should take your time to carefully read the instructions before you start the set up of your Self Managed Superannuation Fund. SMSF Live is able to set up your Self Managed Superannuation Fund on a No-Advice Basis and you seek your own personal financial advice before setting up your fund. Or we can put you in touch with a Financial Adviser to provide you with the advice you need.

Step 3 Completing Documentation

Your SMSF Starter Kit will provide instructions on what documents to sign and where. You should then return all of the signed documents to us for us to review and ensure they have been executed correctly.

You will need to open your new SMSF bank account will be activated within 5 – 7 days of receiving your signed application form and supporting documentation. We do not have any requirements for which bank to use and so you get to choose who you bank with and you are always in control of that.

Step 4 Arranging Rollovers

The ATO will take up to 28 days to provide your ABN and TFN to you, and you cannot arrange any rollovers until these details have been provided to you.

We will provide you with a standard rollover form that you can copy and use to provide to your current superannuation providers.

Please note: The standard rollover form is generic and only works where you are redeeming your entire superannuation balance and closing your existing superannuation account.

If you only want to transfer part of your superannuation balance to your new SMSF, you will need to phone your existing provider and request rollover forms or visit their website to download.

You should confirm if you have any Personal Insurance provided by your current superannuation fund and ensure you carefully consider this existing insurance cover before any rollovers. You should also seek financial advice in relation to Personal Insurance to ensure you make the correct decision on existing cover.

Step 5 Administering your fund

At SMSF live we rely on automation and electronic data to help us reconcile your SMSF data so you can track your super wealth.

You are free to make a deposit into your new bank account as soon as you receive confirm your account is active as we track all bank account transactions.

If you make any contributions to your fund (other than from your employer), then you should contact us to advice to ensure we are aware of the transaction – by emailing info@smsflive.com.au.

As there are many rules governing contributions to your SMSF you should ensure you are familiar with these rules in order to best prevent excess contribution issues.

We will start to receive data as soon as your accounts are active and you being ready to transaction. However, we may be in contact to confirm a transaction if we are not sure of not familiar with the transaction. So where we don’t get notified and then it is your responsibility to keep us up to date in such situations so that we maintain updated daily online reporting.

These include:

Rollovers;
Contributions or adhoc deposits to your SMSF other than your nominated employer contributions;
Pension withdrawals or adhoc withdrawals from your SMSF other than nominated periodical pension amounts.

Please email info@smsflive.com.au with the details of any transactions that fit into this category. If you don’t, our online reports become out of date and you cannot rely on the information they contain for compliance purposes.

You will receive an email to confirm you have been set up and one of the SMSF Support Team will be in contact to help you log on to the Web as well as to download the SMSFlive App. We will be there to help you to logo onto all devices and ensure they work correctly for you.

Step 6 You're Always In Control

For online trading, you get to choose who you use and what trading platforms you prefer. We are able to work with all trading platforms and brokers.

In terms of the bank account and which bank you open your SMSF Bank account with you get to choose. We recommend you work with a financial institution that is able to provide data feeds as some organisation are not yet set up for Data Feeds. In all cases, you are in control because at SMSFlive you stay in control of your super.

Under the SIS Act rules, an SMSF Trustees need to consider insurance cover for members and evidence the decision. You will also need to have an investment strategy. You should ensure you have considered insurances and have an Investment Strategy and seek financial advice in relation to these matters. Where you do not have an adviser then we will be able to put you in touch with a financial adviser.

Step 7 Annual Financial Statements

SMSFlive will prepare your Annual Financial Statements and Tax Returns. It is a legal requirement for an SMSF to prepare a complete set of annual financial statements and income tax returns each year which is then provided along with copies of source documents and other vital information to your Fund Auditor.

It is important to note we will prepare our year-end financial statements based on the contribution information you provide us. We recommend you have your financial statements and tax returns prepared as soon as possible after the end of the financial year.

We will also organise an AGM with you to discuss your Annual Financial Statements by way of Phone or Zoom meeting.

Your Annual Financial Statements will be emailed to you for you to review and sign after the AGM.

Establishing your SMSF and Getting started