What’s involved in setting up a SMSF ?

A SMSF is a fantastic tool for building wealth. It’s a separate legal entity with a quite a few rules and regulations so the setup process isn’t just as simple as clicking a button. Don’t worry though, we take care of everything for you.

Here are the 10 steps involved in setting up your SMSF:

Fact Find

The first step in the process is pooling together the relevant information. Things like where your existing super is held, how much super you have, how much insurance you have, what you want to call your new SMSF, what you want to call your new Trustee Company and the simple things like name, address, date of birth and where you were born. We also need to know what assets you currently have as well as any loans etc.

Statement of Advice

From 1 July 2016 accountants providing advice in relation to the establishment of a SMSF need to hold an Australian Financial Services license or be an authorised representative of a license holder. Furthermore the accountant is required to prepare formal documentation in the form of a “Statement Of Advice” (SOA) which articulates your needs, defines your strategy and makes the necessary recommendations.

Steve MacDonald and Derek Brown at Yield Group are authorised by the SMSF Advisors Network (SAN) to provide superannuation advice including for the establishment of your SMSF, they will work with you to prepare your SOA.

Setup SMSF

Once the recommendations in the SOA are met with your approval, the SMSF can be established.

Given the SMSF is a separate legal entity we will need to arrange the preparation of the Trust Deed, register the Trustee Company with ASIC, and prepare all the forms required to establish the SMSF. Once that’s complete we need to register the SMSF with the ATO.

Setup Bank Account

Once we’ve got all the legal documents in place the next step is to setup your Bank Account.

Matt Blackshall at Westpac Bank in Manjimup specialises in banking for SMSF’s and has some great SMSF accounts available that are easy to setup.

Rollover Super

Once the bank account is setup you can then rollover your existing super.

You will need to contact your existing fund requesting them to rollover your super to your SMSF. They will provide you with forms to complete which we can assist with, to ensure the process is as seamless as possible.

Prepare Investment Strategy

Every SMSF must have an Investment Strategy. The investment strategy sets out your funds objectives, specifies the types of investments your fund can make and considers whether to hold insurance cover for each member of the fund.

We are here to assist you in preparing your investment strategy.

Invest Money

Once you have prepared your Investment Strategy it’s time to start investing your money. You can now purchase a property, shares, invest in managed funds, open term deposits etc.

Yield Group have partnered up with Brendan Burvill at Burvill Financial to enable Brendan to provide investment product advice to our SMSF clients particularly as it relates to managed funds (including various cash based products). This partnership allows us to collaborate effectively to ensure you get the service you deserve.


Most of the large public offer superannuation funds have an inbuilt insurance component in the members accounts. This is to protect you if something happens to you ie. you die, are permanently disabled or suffer a trauma as an example.

It’s important you understand your personal assets and liabilities position and therefore what insurance you need. Brendan Burvill is also able to assist you with your insurance requirements.

Estate Plan

Being in control of what happens with your super when you die is really important. This forms part of your estate plan. Whether you are 21 or 100 it’s important to have your estate plan reviewed regularly.

As part of setting up your SMSF you can elect to prepare a binding death nomination which instructs exactly what is to happen to your super when you die. We always recommend doing this so you take care of your loved ones.


The hard part is now done !

Excited about the possibilities of building your empire with your super and want to know the next steps ? Contact us at our Manjimup Office (97771909) or our Pemberton Office (97761909) to arrange a meeting with one of our SMSF specialists to discuss whether a SMSF is suitable for you.

Stay tuned to our continuing SMSF series on how to get money into your SMSF, What you can do with that money once inside your SMSF and what are the real benefits of having a SMSF.