Setting up

Check if your SMSF is set up correctly for eligible for tax concessions, receive contributions and easy to administer.

Last updated 2 March 2022

Your self-managed super fund (SMSF) needs to be set up correctly so that it's eligible for tax concessions, can receive contributions and is as easy as possible to administer.

To set up an SMSF you need to:

Before you set up an SMSF, download Starting a self-managed super fund (PDF, 1.6MB)This link will download a file. It will help you understand if an SMSF is right for you and guide you through how to set one up.

Media: Setting up an SMSF
https://tv.ato.gov.au/ato-tv/media?v=bi9or7odeedxueExternal Link (Duration: 02:50)

Consider appointing professionals to help you

A SMSF is a complex undertaking, consider assistance from SMSF professionals to manage yours correctly.

Choose individual trustees or a corporate trustee

How to choose the right SMSF structure for your situation and understand the requirements, cost and penalties.

Appoint your trustees or directors

Members of self-managed super funds must be eligible to be trustees or directors and understand their responsibilities.

Create the trust and trust deed

A trust requires trustees, assets and beneficiaries. Trust deed sets out the rules, establishing and operating the fund.

Check your fund is an Australian super fund

Your SMSF needs to be a resident regulated super fund at all times during the financial year to receive tax concessions.

Register your fund

How to register your SMSF. You can elect for your fund to be regulated by us, get a TFN and ABN and register for GST.

Set up a bank account

How to set up a bank account for your self-managed super fund to accept contributions and pay expenses and liabilities.

Get an electronic service address

SuperStream electronic service address is required (ESA) to receive contributions from employers and rollovers.

Prepare an exit strategy

Prepare what happens when the SMSF ends, or winds up. Consider specific wind-up clauses in your fund's trust deed.

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