There are a few things that one should consider before going down this path. The first is the costs, it is estimated that if your self managed super fund has less than $200 000 it is probably not a viable option. Apart from the set up costs there are also some running costs in the region of $2000 per year.
The second is the time, skill and knowledge required to run self managed super funds. You need to find out exactly what is involved in managing your own fund, as well as understanding what it means to be a trustee. Setting up and running self managed super funds is only one option on managing your retirement, compare the benefits to the other options before making your final decision.
Step 1 : Obtain a trust deed ? this legal document sets out the powers, duties and responsibilities of the trustees as well as the rights of the members of the self managed super funds.
Step 2 : Appoint trustees ? once you?ve selected the types of trustees, you need to appoint them with their acknowledgement of appointment being documented.
Step 3 : Sign a trustee declaration ? all trustees that are appointed must sign the declaration as an understanding of their duties and responsibilities.
Step 4 : Elect to become a regulated fund ? register the fund with the Australian Tax Office and obtain a tax file number and an Australian Business Number
These four steps are the key steps to get you on your way to setting up your self managed super fund. You shouldn't forget about the other normal business setup steps e.g. opening a bank account. Managing self managed super funds, can be time consuming but very rewarding when retirement comes, make sure it's the correct option for you.
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