How to set up an SMSF?

SMSF (self-managed super fund) 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. The fund must be set for the sole purpose of providing retirement benefits for its members. For SMSF set up consider appointing SMSF professionals to help you, choose your trustee structure between individual and corporate, appoint SMSF trustees – make sure all individuals (fund members) are eligible to be trustees or directors of the company trustee and understand their responsibilities and obligations, arrange trust deed and create trust, check the SMSF is an Australia super fund, register and get an ABN, set up bank account, get an electronic service address, prepare an exit strategy.

Courtesy : https://www.ato.gov.au/super/self-managed-super-funds/setting-up/

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