Ok, so you have decided you want an SMSF. Excellent!
Here is the deal:
While there is no legally required minimum to start an SMSF, those thinking about starting an SMSF should come to their own decision in deciding if the costs to set up run an SMSF make sense for their situation and objectives. You can expect your SMSF to be established within 24 hours and holding assets within 3 weeks. 95% of this time is waiting for the ATO to issue approval or waiting for your existing fund to send your money across. The rest of the time involves simple tasks which are quick and easy to complete and come with video instructions every step of the way. Our FAQ page will cover most issues you might pop into but feel free to call us if you need assistance at any stage.
Once set up, you can be investing your super into bitcoin, trading tech stocks, buying silver or just investing your super how you see fit and you will only have to dedicate a total of 20 minutes each year to the accounting side. Sound good? Great! Let's get started.
1. Fill In The Online Form
The online application form will take about 5 minutes to complete. Apart from basic information like dates of birth and addresses, you will also need the name and email of a witness and the tax file numbers of the members of the fund. Easy.
2. Sign Documents Via E-signature
Within 24 hours, everyone in your new fund will receive an email from New Brighton Capital. It will direct you to where you need to electronically sign and is a very simple process.
3. Wait for the ATO to approve the SMSF
Normally it takes anywhere from a day to a week for the ATO to approve your fund. Click here to see why it can take longer. Once approved we will send your secure client portal .
4. Receive your Secure Online Portal
This will have all your establishment documentation as well as your Welcome Pack which includes written and video instructions on how to...
5. Open Bank Account
You need to set up a seperate bank account for the SMSF. The Welcome Pack offers video and written instructions on exactly what you need and how to get it. You'll need to go to the bank and it can take a day to get finalised but after you have it, everything else can be completed from the comfort of your couch at home.
6. Direct Your Super To Your New SMSF
If you wish, you can instruct your employer to start paying your superannuation into your new SMSF bank account. Your Welcome Pack will include the relevant forms as well as written and video instructions on to how do this.
7. Rollover Funds To Your New SMSF
After your employer has confirmed the new destination of your super, it is time to move your money to your new SMSF. The welcome pack includes forms, instructions and video instructions on transferring your entire super balance (or just a portion) into your new SMSF bank account. You can expect your super rollover to take about a week to hit your bank account from when you send the form.
8. Set Up Trading Accounts
While you are waiting to have your funds transferred to your new SMSF it is a good time to open your trading accounts. The welcome pack includes complete instructions on how to open your exchange accounts. Currently our only approved exchanges are CoinSpot and Independent Reserve.
9. Set up data feeds
Data feeds allow us to complete the accounting throughout the year and automate our workflow. This helps us keep our prices down and means we do not need to chase you up for statements at tax time .
10. You are all set.
You are now set up to invest and control your super. Apart from friendly follow ups to ensure you are happy with our service, you will receive just a few emails from us at the end of each financial year that require your action. These emails will involve ...
At any stage of the set up process or beyond you are always welcome to call us on 1300 264 022 or email us at email@example.com with any queries and we will be happy to assist.
Above is a view of the online portal you will have access to. Simply click on each item and follow the written and video instructions. At any stage, if you get stuck or would just like to clarify anything just give us a call or schedule a call via the site and we will be happy to assist.