1. Order Super Fund Deed and Establishment Documents

• Bristax will order the super fund trust deed and preliminary establishment documents for the fund. The set up process takes 24 – 48 hours.
• Once these documents are received they need to be signed by the trustees, witnessed and dated where indicated.
• The cost of establishment of the super fund is $550 AUD (including GST) for individual trustees.
• If a corporate trustee is required an additional outlay of $990 AUD is required for a new company.
• The preliminary costs can be reimbursed by the super fund once the super fund has cash available from rollovers and contributions.

2. Application for Tax file Number, Australian Business Number and Registration with the ATO as a complying fund

• The super fund needs to register for a tax file number (TFN), Australian Business Number (ABN) and also Register as a complying fund with the Australian Taxation Office.
• Bristax will attend to this as part of the super fund establishment fee. It can take up to 28 days for the ATO to issue the TFN and ABN.

3. Set up a bank account for the super fund

• Once the deed has been executed a copy will be provided for you to take to the bank of your choice to set up a super fund bank account.
• The bank account should be in the names of the trustees as trustee for the super fund. For example John Smith & Jane Smith as trustee for the Smith Family Superannuation Fund.

4. Set up Life Insurance / TPD/ Salary Continuance Policies in the new Super Fund name (if applicable)

You should be aware that once we request the rollover of your existing superannuation policies any life insurance, TPD and salary continuance policies held through the existing fund will be cancelled. Therefore should you wish to continue to hold these insurance policies it is important that these be set up in the new super fund prior to requesting whole of balance superannuation rollovers.

We can assist by providing you with a referral to an independent financial planner who may assist you to select and set up appropriate insurance policies from the outset.

5. Advise Contributing Employers of the details of your new Super Fund

• You should notify all contributing employers of your new superannuation fund details so that they can commence to pay your superannuation guarantee and any other super contributions into your new super fund.
• This can be done by completing a super choice form. Please contact us should you require any assistance.

6. Rollover existing Superannuation Accounts

• Bristax will provide you with the forms and instructions to organise the rollover of your existing superannuation accounts. You will need to provide some supporting documentation to the rollover fund such as a certified copy of your driver’s license or passport.
• Rollovers can take up to 4 -6 weeks to be processed by the rollover fund.
• You should also note that rollovers are unable to be requested until the ABN for your self managed super fund has been received from the ATO.
• Rollovers are generally issued in the form of a cheque which needs to be banked into your super fund bank account.

7. Formulate an Investment Strategy

• You need to prepare a written investment strategy for your fund and review it regularly.
• We provide you with a template to assist you in this task. The strategy needs to reflect the purpose and circumstances of your fund and should set out your investment objectives and detail the investment methods you’ll adopt to achieve these objectives.
• Please contact us should you require any assistance in formulating your investment strategy.

8. Start Investing

• Once your rollover cheques have been deposited into the super fund bank account it is time to start investing the money.
• One of the benefits of having your own self managed super fund is flexibility and control around the type of investments your super fund may purchase.For further information on the types of investments your super fund may purchase please refer to the ATO guide ‘Running a self-managed super fund’ or contact our office for further details.

• Update of your Trust Deed in Compliance with the Current Legislation
• Detailed Investment Strategy
• Investment Guidelines
• Binding Death Benefit Nominations
• Pension Strategies and Minutes
• Compliance Documents for ongoing maintenance of the SMSF
• Trustees’ responsibilities; and
• Administration and mailing house functions as detailed below.

Superannuation and taxation laws are complex and constantly changing, so it is critical for the administration of your SMSF to be carried out by specialists like Bristax – able to provide you with up-to-the-minute expert advice and consistent professional support.

We will undertake the following on your behalf:

• scanning all documents into our electronic document management system for your records and audit purposes
• maintaining an investment register for listed securities, fixed interest, managed funds, direct property and unlisted assets
• regular reconciliations of transactions during the course of the year
• maintaining individual member records including details of contributions, allocation of earnings and benefit payments, member components and preservation components
• maintaining reserve accounts (if applicable)
• maintaining multiple member accounts for the same member whether accumulation, or pension, including defined benefit pensions
• preparation of PAYG payment summaries for pensions (as applicable)
• arranging tax payments and other associated fund invoices
• segregation of assets for members; and
• collection and facilitation of dividend payments; and monitoring of cash balance to ensure sufficient cash to meet SMSF obligations.