Setting up an SMSF in 2025

Are you wanting to set up a Self-Managed Superannuation Fund (SMSF). While setting up an SMSF can seem daunting, with the right guidance the process can be seamless.

Here is how you can do it:

Step 1: Decide if an SMSF is Right for You

The first step in establishing an SMSF is determining if it's the right choice for your retirement goals.

At this point you should also consider who will be the members of your SMSF and if it's the right choice for all members.

Here at Ryan's SMSF Compliance we are not licenced to provide financial advice, and therefore we cannot provide a recommendation to establish an SMSF. However, if you have decided an SMSF is right for you, we are happy to assist you with the establishment of your SMSF.

Step 2: Choose between having Individual Trustees or a Corporate Trustee

Having individual trustees may be simpler and less costly in the short term. However, in the long term it can be much more expensive and a huge administrative burden if the membership of your SMSF ever changes, such as adding new members or if a member passes away.

Here are Ryan's SMSF Compliance we strongly recommend establishing your SMSF with a new Special Purpose Corporate Trustee.

Step 3: Incorporate your Corporate Trustee

The good news is, it's incredibly easy to incorporate a corporate trustee and Ryan's SMSF Compliance will do it all for you. 

First you need to ensure you have a Director ID which can be obtained through the Australian Business Registry Service.

Next, choose a unique name. We will then help you decide on the number of shares to be issued and finer details. 

Step 4: Have fun choosing the name of your SMSF and Establish the Trust Deed

There are very few limitations as to what you can name your SMSF, so go for broke!

Once you have chosen a name, we will help you draft and sign the SMSFs Trust Deed along with member application forms and other relevant documents.

Step 5: Register Your SMSF

Next, it's time to formally register your SMSF with the Australian Taxation Office (ATO). This involves obtaining an Australian Business Number (ABN) and a Tax File Number (TFN) for your SMSF. Once registered, your SMSF is live!

Step 6: Develop an Investment Strategy

It is a regulatory requirement for all SMSFs to have an investment strategy. Start to think about how you intend to invest your superannuation benefits and we'll help you put pen to paper.

Keep in mind, you can always update the SMSFs investment strategy at a later date. 

Step 7 - Set up a bank account

Open a bank account in the name of the SMSF with your preferred financial institution. You can open multiple accounts to help you manage your super and investments.

Step 8 - Rollover or Contribution to your SMSF

Choose whether you want to rollover your existing super and/or make contributions to your SMSF. You do not have to rollover any of your existing super, nor do you have to rollover your full balance. 

At this stage you should review your current insurance policies and ensure you are never left without coverage.

Here at Ryan's SMSF Compliance we are not licenced to provide financial advice, and therefore we cannot provide a recommendation as to whether you should or should not rollover your superannuation benefits.

However, if you require assistance with rolling over your benefits, we would be more than happy to assist you.

Step 9 - Notify your employer

Inform your employer about your SMSF if you wish to redirect your superannuation contributions. We can help you with the details to provide.

Step 10 - Begin investing

You can now go for broke and start investing! 

Just make sure you comply with your investment strategy, or update the strategy if needed.

We are here to help

Ryan's SMSF Compliance will help guide you through ever step of your SMSF journey.

If you are ready to start, contact us today!