Ok, so you have decided you want a crypto SMSF. Excellent!
Here is the deal:
- ideal if you want any combination of crypto, shares, precious metals and cash in your super.
- up to 4 people in the fund
- No lock-in contracts
- $140 a month ongoing for yearly tax returns, audit and compliance.
NOTE: The first direct debit will bring the fund up to date for the financial year. i.e. $140 for each month from the start of the financial year to the first direct debit.
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 3-6 weeks. 95% of this time is waiting for the ATO to issue details 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. 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 automatically investing your super into bitcoin, trading tech stocks, buying silver or just investing your super how you see fit and you will have to dedicate a total of 10 minutes each year to the accounting side. Sound good? Great! Let's get started.
1. Fill In The Form
This form will take about 10 minutes. The hardest part of the whole process is deciding on if you want an individual or corporate trustee setup. Check out our blog or video explaining the differences to see which one is right for you. You will also need the name and email of a witness and the tax file numbers of the trustees 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 groovy process. Once everyone has signed you will each be emailed a copy, as will New Brighton Capital for your file.
3. Wait for the ATO to approve the SMSF
It can take anywhere from a couple of days to a couple of weeks for the ATO to approve your fund. Once approved we will forward all your establishment documentation so you can get started on the following...
4. Open Bank Account
You need to set up a business bank account. The bank will try to set you up with a "Special Package" but you do not need it, just the basic business account is fine. Remember to apply for a debit card for the fund for purchasing incidentals like a crypto hardware wallet. We recommended calling your bank to book a time to open your SMSF bank account. You will need to print some docs and sign the last page again as the banks do not accept e-signatures yet. Generally each trustee will need to be there and bring 100 points of ID but confirm with your bank. This process can take an hour or the clerk may ask you to return the next day to sign the documentation.
5. Direct Your Super To Your New SMSF
To instruct your employer to start paying your super into the new fund simply fill in this Change of Superannuation Provider form. Fill out sections 1,2 and 4 then give it to payroll at work. Your employer might request an "ESA" for your fund (this is just a number that helps the government track your super contributions and emails you when a contribution is made). Your ESA reference will be AUSPOSTSMSF.
6. 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. If you intend to close your existing super fund and transfer all the money to your SMSF, you can do so by sending this form: “Super Rollover Form” to your existing fund. If you want to only send a portion of your super to your new SMSF, please contact your superannuation fund to ask about their process in doing this. Super funds are allowed to take up to 28 days before funds must be sent but most rollovers are received within 10-14 days.
7. 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 bitcoin trading account. You MUST NOT use your personal account to buy bitcoin with your super. You need a dedicated SMSF account. To open this account you will need 100 points of ID for the trustees and a the documents we will send you. Be sure to keep enough in your bank account for fees and insurances.
8. Complete Direct Debit
Once you have set up your new SMSF bank account please complete the direct debit authorisation. The direct debit form will be for the deferred set up and accounting costs and the ongoing monthly fee. The first direct debit will always be at least a month from when we send you the docs so you'll have plenty of time to apply for and receive the rollover.
9. Set Up Insurances
You can hold the following 3 insurances in your SMSF:
1. Life Insurance
2. TPD Insurance (Total and permanent disability insurance)
3. Income Protection Insurance
Only about 15% of SMSF’s have any insurance but if you would like this cover we can point you in the right direction.
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 requires 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.