The ATO provides a comprehensive guide to starting an SMSF.

  1. Decide on Trustees for the fund – Individuals or a Corporate Trustees
  2. Establish the trust and trust deed
  3. Appoint the trustees
  4. Register the fund
  5. Setup a bank account
  6. Obtain an electronic service address (in order to make contributions)
  7. 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.