10 step guide to setting up your own smsf

Welcome To Your User Friendly SMSF

Ok, so you have decided you want an SMSF. Excellent!
Here is the deal:

  • up to 4 people in the fund
  • no lock-in contracts
  • $150/ month for yearly tax return, audit, financials & compliance ($20 per month extra per additional member).
  • As long as you are comfortable making and actioning the investment decisions, we look after the accounting side of things.

Please check out our Pricing page, Need To Know page and FAQ’s before completing the application but below is our 10 Step Guide on how to get your SMSF up and running.

 

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. In most cases, you can expect your SMSF to be established within a few days and holding assets within 3 weeks. The majority of this time is waiting for the ATO to issue approval or waiting for your existing fund to send your money across to your new SMSF bank account. The rest of the time involves tasks which come with written and 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.

Let’s get started.

What You Need To Do

Fill In The Online Form

The online application form will take about 5 minutes to complete. Apart from 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.

Forward Us Your Director ID

Within 24 hours, everyone in your new fund will receive an email from New Brighton Capital detailing how to set up your Director ID if you haven’t already. This is set up through your MyGovID account, is a quick process and we are here to assist if required.

Sign Documents Via E-signature

Within another 24 hours, everyone in your new fund will receive an email from New Brighton Capital. with your establishment documents. It will direct you to where you need to electronically sign.

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. See the bottom of the Need To Know page to see why it can take longer. Once approved we will send your secure client portal .

Receive your Secure Online Portal

This will have all your establishment docs as well as your Welcome Pack which includes written and video instructions on how to…

  • Open your SMSF bank account
  • Redirect super to new SMSF bank account
  • Rollover old super into SMSF bank account
  • Open trading accounts
  • Set up data feeds

Open Bank Account

You need to set up a separate 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.

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 how to do this.

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.

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 trading accounts.

Set up data feeds.

Data feeds allow us to complete much of 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 as many documents at tax time.

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 …

  1. Requests to upload statements and receipts to your online portal to complete your tax return.
  2. Electronically signing the tax return documents directly from the portal.
  3. Matters relating to compliance and other obligations that may require your attention from time to time.

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 info@newbrightoncapital.com with any queries and we will be happy to assist.

View of the online portal

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

Feel free to check out the Pricing page or FAQ’s or if you are ready click the button below to get started.

Book in your free 20 minute consultationSMSF Application