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SMSF Establishment
Ensuring your SMSF is set up correctly is essential. Bad advice, or non compliance with the relevant legislation can impact your ability to maximise the benefits of your SMSF.
Establishing a SMSF
There are a number of major steps in setting up an SMSF:
- Preparation of the fund's trust deed
- Appointment of trustee(s)
- Trustee(s) to approve the trust deed, resolve to make the election to become a regulated superannuation fund, approve admission of initial members, and adopt the fund's investment strategy
- Execute the election, be a regulated superannuation fund and lodge it with the ATO. Additionally, apply for an Australian business number (ABN), a tax file number (TFN) and/or goods and services tax (GST) registration
- Open a bank account for fund
Your Wilson HTM adviser can arrange for the establishment of the fund for you, however it is the trustees responsibility to ensure all legislative requirements are met.
There are a wide range of strategy options available to SMSF trustees once the fund has been established.
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Borrowing to invest can accelerate the growth of your super assets allowing you to reach your retirement goals earlier.
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