SMSF Setup & Ongoing Support

SMSF Setup – How does it work?

The SMSF setup process is quite involved but our specialist SMSF team will guide you through the steps.

If, after your own independent research or advice from your financial planner, you have decided to start your own self managed super fund we are able to assist you complete the process.

This process involves setting up a corporate trustee, getting a lawyer to prepare the SMSF Deed and associated corporate trustee documents as well as organising ATO registrations. 

The members of the fund will need to apply for Director ID Numbers via ASIC before the SMSF Setup process can be finalised as it is now a requirement to have these numbers organised prior to the company being registered.

SMSF & Wealth Creation

Bartley Partners have dedicated team SMSF accounting specialists on hand who specialise in working with you to set up and maintain a Self Managed Super Fund. All SMSF setups are done in tandem with Adelaide’s top legal professionals to ensure your structure minimises tax, provides asset protection and factors in your estate planning needs.

As part of your retirement and wealth creation strategy, you may consider setting up a Self Managed Super Fund to give you the greatest flexibility available under the law to invest in different asset classes. Common investment options include direct property (residential or commercial), indirect property, shares, managed funds, bullion, and index funds.

There are a plethora of strategies related to Self Managed Super Funds available due to the tax differential available — compliant SMSFs are generally only taxed at 15%, well below other investment vehicles.

SMSFs are regulated by the Australian Taxation Office and allow up to six members (often used by families to invest together for retirement). There are duties imposed upon Self Managed Super Funds, such as legal duties in order to run the fund correctly and purely for the provision of retirement benefits, set up an investment strategy, and to keep full accounts that are reported annually to the ATO.

SMSF SetupSMSF Accounting Setup Costs

  • Accounting Time – $774
    Our setup fees include creating your new SMSF files, working with you to complete the investment strategy, rollover of existing super funds into the SMSF and completion of ABN and TFN applications. We prepare the files you need to open the bank account and include one-on-one meetings and advice with our experienced SMSF accountants during the setup process.
  • Class Super Fees – $250
    This is an annual fee that puts your SMSF on the Class Software system meaning we can streamline the processing of your returns and also lower your audit costs considerably. Class talks directly to your bank account, share portfolio and managed funds, allowing us to lower your ongoing costs via automation.
  • ASIC Fee – $576
    The Australian Securities and Exchange Commission charges $576 for the setup of a new company to act as the corporate trustee of your fund. This is a fixed government fee.
  • SMSF Deed – $400
    The SMSF deed is a legal document that outlines how your fund is set up and operates. An SMSF must be established with a deed that is compliant with the Australian superannuation legislation which we get done by local Adelaide lawyers.

So your total set up fees are $2,000+GST with finance options available if you prefer to pay for the setup once the funds are rolled over.

Ongoing Costs

Considering the costs, it is only worth self managing your superannuation if you have sufficient funds in your super to justify the setup and ongoing fees involved which are usually around $1,300 plus GST per year including the Class Super Software, your accounting and audit costs.

Are you ready to get started today? Give us a call on (08) 8338 1033 or fill in the form to arrange a completely free, no-obligation meeting to discuss your self managed super fund options.

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Find out more about how we can help you with starting a Self Managed Super Fund.
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