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How to Set Up an SMSF

The question we get asked most often is if an SMSF if right for them, and as with everything in accounting, the answer is: it depends.

We work with clients to examine their strategy behind starting a Self Managed Super Fund and see whether DIY super is right for them. 

If you’re looking for a way to save costs, a smaller fund may end up costing more. However, for larger funds, the costs associated with running an SMSF are often much smaller than those you’ll pay for a professionally managed fund. 

Running an SMSF, you’ll be more in control of investments and determining your retirement and future – including the option of diversifying out of just equities and managed investments and into the direct property space. 

If you’re considering switching to an SMSF we’re more than happy to set up a meeting to discuss your best next steps. We’ll review all the options and what suits your particular needs. If a self managed super fund is the best option for you, we then work with local Adelaide lawyers on a quality SMSF setup to ensure it meets SIS Act requirements and has the flexibility to achieve your individual goals.

SMSF & Wealth Creation

Bartley Partners have dedicated SMSF accountants on hand who specialise in working with you to set up and maintain a Self Managed Super Fund. All SMSF set ups are done in tandem with Adelaide’s top legal professionals to ensure your structure minimises tax, provides asset protection and factors in your estate planning needs.

As part of your retirement and wealth creation strategy, you may consider setting up a Self Managed Super Fund to give you the greatest flexibility available under the law to invest in different asset classes. Common investment options include direct property (residential or commercial), indirect property, shares, managed funds, bullion, and index funds.

There are a plethora of strategies related to Self Managed Super Funds available due to the tax differential available — compliant SMSFs are generally only taxed at 15%, well below other investment vehicles.

SMSFs are regulated by the Australian Taxation Office and allow up to six members (often used by families to invest together for retirement). There are duties imposed upon Self Managed Super Funds, such as legal duties in order to run the fund correctly and purely for the provision of retirement benefits, set up an investment strategy, and to keep full accounts that are reported annually to the ATO.

SMSF Setup Costs

  • Accounting setup fees starting $900
    Depending on the size of the fund, our set up fees include creating an initial audit file, investment strategy, rollover funds and completion of ABN and TFN applications. We prepare the files you need to open the bank account needed and include one-on-one meetings and advice with our experienced SMSF accountants during the setup process.
  • Class Super Fees for the first year $250
    This is a yearly fee that allows us to create and run automations to streamline the processing of your returns and also lowers your audit costs considerably. Class talks directly to your bank account, shares portfolio and managed funds allowing us to lower your costs via automation of manual entry.
  • Annual ASIC fee from $495
  • SMSF Trust Deed from $350
    The SMSF trust deed is a legal document that outlines how to the fund is set up and operates. An SMSF must be established with a trust deed that is compliant with the Australian superannuation legislation. 

You total set up fees are $1,995+GST with finance options available if you prefer to pay for the setup once the funds are rolled over. 

Considering the costs, it is only worth self managing your superannuation if you have sufficient funds in your super to justify the annual and ongoing fees involved, and to ensure that it does not cost significantly more than a standard commercial fund.

If you are unsure whether you have the funds to justify a SMSF, come in and have a chat with one of Bartley Partners’ accountants to determine if this entity is right for you and your family.

Are you ready to get started today? Give us a call on (08) 8338 1033 or fill in the form to arrange a completely free, no-obligation meeting to discuss your self managed super fund options.

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