1. Consider professional assistance
There is a range of professionals who can assist when establishing an SMSF including:
- An accountant or professional fund administrator for initial organisational requirements. They can guide you through the process of setting up, and help meet the initial requirements to be a complying fund with the ATO.
- A lawyer to draw up the trust deeds. The trust deeds are legal documents that establish the fund and its rules. Even simple mistakes or omissions in the trust deed can lead to expensive problems later.
- A financial or investment advisor to help create an investment strategy that meets the needs and goals of the members while also complying with the superannuation laws.
Once established, you¡¯ll also need to get ongoing help from:
- A registered SMSF auditor for your annual audits. The ATO actually requires that you have an independent auditor go over the fund¡¯s accounts each year.
- A tax accountant to prepare your tax returns, unless you¡¯re comfortable doing it yourself.
Naturally, all these professionals will charge fees for their services.