5 Steps to your Self-Managed Super Fund

‘You cannot dream of a future you don’t help create’ – anon.


Taking superannuation into your own hands is one of the many ways that you can take more control of your personal finances. Sometimes we can get caught up in the more difficult aspects of superannuation and struggle to see the benefits and opportunities that exist in the superspace. The singular purpose of a super fund is to save funds for retirement so that you can live your life without having to live between relief payments for pensioners payments.

However, taking control over your fund can mean its purpose evolves to one of rapid wealth growth and more prosperous retirement. 


The idea of a self-managed super fund (SMSF) can be daunting, but with the right assistance, it can be a valuable asset for your future. With consultation with a wealth strategist, however, an SMSF can be a reality for anyone hoping to gain more control over their super fund.


Setting up your SMSF can be complicated, but it doesn’t have to be. Here is a list of steps on how to set up your SMSF;


1. Set up a special-purpose corporate trustee.

Set up the company that will be managing your super fund for you. This may require some research and investigation. We can help with this, so contact us today.



2. Set up a trust deed

This document sets up the rules for establishing your trust. It includes who is in your trust, who the beneficiaries are, how funds will be transferred and many other functional aspects of your new SMSF. A deed is usually prepared by a lawyer or with a background in the preparation of legal documents.



3. Appoint members

Appointing members of your SMSF is a process that you will undertake during the preparation of the deed. These members are usually beneficiaries in your family, however can include others.



4. Implement investment strategy

This is the fun part. Choose how you would like to invest the money contributed to the superfund. You may choose to invest in property, shares, or a combination of both. You may benefit from financial advice when choosing an investment strategy.



5. Funds rollover 

The rollover process will take place in consultation with the ATO and they will check that the account requesting a rollover belongs to a member of the trust that you have just set up. 


After this process, it is up to you to manage the fund and its investment strategy. However, having an expert in assisting and advising you about this will make all the difference. Having control and the ability to enjoy retirement on your terms is both liberating and rewarding. 


If you have questions about setting up a self-managed super fund, contact us today.

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