- Decide on a fund structure
- Get a trust deed
- Choose and appoint the trustees of the fund
- Obtain a signed SMSF trustee declaration from each member
- Register your super fund with the ATO
- Open a bank account
First it's important to determine which trustee structure would work best for your specific needs and investment plans. While an individual structure might be the cheaper option at first, adding new members later would require additional paperwork and more fees which would add up to the overall costs. A corporate trustee structure provides more flexibility, since it's a lot less expensive and easier to add or remove new members to the fund. Once you decide on the fund's structure it's time to obtain a trust deed. This is a legal document that contains all the rules the members should follow when managing the fund. All the members of the SMSF must be appointed as either trustees of the fund or directors of the company, depending on the structure. The next step is to prepare the Smsf trustee declaration which is an important document that sets out the duties and responsibilities of each member. You should sign the declaration within 21 day of becoming an individual or corporate trustee. To register the fund with the ATO you should obtain a tax file number (TFN) and an Australian business number (ABN). The final step is to create a bank account specifically for the SMSF where all the contributions, investment earnings and other payments would be kept separate from the trustees' individual bank accounts.