The ATO provides a comprehensive guide to starting an SMSF.
- Decide on Trustees for the fund – Individuals or a Corporate Trustees
- Establish the trust and trust deed
- Appoint the trustees
- Register the fund
- Setup a bank account
- Obtain an electronic service address (in order to make contributions)
- Prepare an exit strategy
It is highly recommended to seek out professional advice and assistance when setting up an SMSF. Penalties for contraventions of the SIS act can be considerable.