Setting up a self managed super fund (SMSF) means creating a trust structure, appointing trustees, drafting a trust deed, registering with the ATO, obtaining an ABN and TFN, opening a bank account, and preparing an investment strategy. Done properly, it takes 5–10 business days. Done badly, it creates compliance problems that cost years and thousands of dollars to unwind. SMSFcentral runs the full establishment process from $1,800+GST.
What the Setup Covers
- Trust deed drafted by specialist SMSF lawyers, specific to your members’ circumstances
- Choice of corporate trustee or individual trustee structure (with written comparison)
- ATO registration as a regulated superannuation fund
- ABN and TFN applications lodged and tracked
- Dedicated SMSF bank account opened with a major Australian bank
- First investment strategy prepared in accordance with SIS Regulation 4.09
- Member and trustee declarations completed
- Compliance calendar set up for the fund’s first financial year
- Rollover paperwork prepared for transfers from existing super funds
- Electronic SuperStream rollover initiated on your behalf
- Fund added to SMSFcentral’s administration platform with full audit trail from day one
Our Process
- Initial consultation. We collect member details, existing super balances, intended investments, and preferred trustee structure. Fifteen to twenty minutes by phone or video call with the adviser.
- Trustee structure decision. We provide a written comparison of corporate trustee versus individual trustee, covering cost, liability, member changes, and estate planning implications. Your adviser and client confirm their choice.
- Trust deed preparation. The deed is drafted to comply with the Superannuation Industry (Supervision) Act 1993 (SIS Act) and current ATO requirements. All trustees execute the deed.
- ATO registration. We lodge the fund’s registration as a regulated superannuation fund through the ATO’s online services. The ABN and TFN applications go in at the same time. Registration typically completes within 3–5 business days.
- Bank account opening. We open a dedicated SMSF bank account. The account must be in the fund’s name, not a member’s personal name. All contributions, rollovers, and investment income flow through this account.
- Investment strategy. We prepare the fund’s first investment strategy covering risk and return objectives, diversification, liquidity, insurance needs, and the members’ ability to discharge liabilities. This document satisfies the requirements of SIS Regulation 4.09.
- Rollover processing. We prepare and submit SuperStream rollover requests to transfer existing super balances into the new SMSF. Rollovers typically settle within 3–5 business days once the releasing fund processes the request.
- Compliance calendar setup. Your fund is loaded into our administration system with automated reminders for the annual return, audit, member statements, and trustee declarations.
Corporate Trustee vs Individual Trustee
This is the first structural decision. It affects everything that follows.
Individual trustees: Each member is a trustee. A standard fund needs at least two; a single member fund requires two individual trustees (one being the member). Cheaper to set up because there is no ASIC registration fee. But changing members means changing trustees, which means updating bank accounts, property titles, and share registries. It adds up fast.
Corporate trustee: A company acts as trustee and members are directors. ASIC registration costs about $576 for a special purpose company. For that money you get cleaner succession planning, limited liability, easier member changes (swap directors, not trustees), and asset ownership that stays with the company regardless of who comes or goes. The ATO recommends this structure and most new SMSFs use it.
SMSFcentral’s setup fee from $1,800+GST includes either structure. The corporate trustee option incurs the additional ASIC company registration fee and annual review fee ($67/year for special purpose companies, subject to annual increase).
Regulatory Context
SMSF establishment law sits primarily in the SIS Act 1993 and the Superannuation Industry (Supervision) Regulations 1994. Key requirements:
- The fund must have no more than six members (increased from four from 1 July 2021)
- Each member must be a trustee (or director of the corporate trustee) unless they are under 18 or have a legal disability (s17A SIS Act)
- The fund must be established and maintained in Australia (s17A(1))
- The trust deed must contain required provisions including a clause preventing trustees from borrowing except under the limited recourse borrowing arrangement rules in s67A
- Trustees must sign a trustee declaration within 21 days of becoming a trustee (s104A SIS Act)
- The fund must be registered with the ATO within 60 days of establishment to be eligible for tax concessions
Total Super Balance (TSB) implications: Before setting up an SMSF, check each member’s Total Super Balance. Members with a TSB above $1.9 million (2024–25 threshold) cannot make non-concessional contributions. Members above the transfer balance cap cannot move additional amounts into retirement phase. These thresholds affect the fund’s investment strategy from day one.
Common Pitfalls
Cheap template deeds from the internet regularly miss SIS Act requirements. They leave out mandatory provisions around borrowing restrictions, in-house asset rules, or investment strategy obligations. A defective deed can mean the fund was never properly constituted. The ATO can refuse to register it.
Section 104A requires each trustee (or director of the corporate trustee) to sign a declaration within 21 days of appointment. Missing this deadline is a strict liability contravention. The ATO issues penalties of up to $19,800 per trustee for this breach.
If you initiate rollovers before the fund’s ABN is active and the fund is registered, the releasing fund will reject the request. Worse, if money lands in an account that isn’t yet legally a superannuation fund, you may trigger a taxable event.
Some trustees treat the investment strategy as a box-ticking exercise, either skipping it or throwing together a vague one-pager. The ATO specifically targets investment strategies during compliance reviews. A non-compliant strategy breaches s52B(2)(f) SIS Act and can result in administrative penalties.
Frequently Asked Questions
Typically 5–10 business days from the point we have all signed documents. ATO registration is the main variable. It usually takes 3–5 business days but can take longer during peak periods (June–July).
SMSFcentral’s establishment fee starts from $1,800+GST. If you choose a corporate trustee, add the ASIC company registration fee of approximately $576. Ongoing annual administration fees are separate and depend on fund complexity.
There is no legal minimum. The ATO and most industry bodies suggest at least $200,000 so that running costs (administration, audit, insurance) don’t eat into returns. Some funds start with less if members plan to build the balance quickly through contributions and rollovers.
Yes. A single member SMSF is permitted under the SIS Act. If you use individual trustees, you need a second trustee who is a related party. If you use a corporate trustee, the single member can be the sole director.
Providing advice to establish an SMSF is financial product advice under the Corporations Act 2001. Advisers must hold an AFSL (or be an authorised representative) that covers superannuation advice. SMSFcentral handles the administration. The advice to establish the fund sits with the adviser.
Generally no for real property (except business real property). Listed securities and cash can be transferred in-specie subject to the in-house asset rules and contribution cap limits. The penalties for getting this wrong are severe. Talk to your adviser before attempting an in-specie transfer.
Related Solutions
- SMSF Compliance and Day-to-Day Administration: ongoing annual compliance after your fund is established
- SMSF Property Investment: if the fund’s first investment includes real property
- Contributions Management: tracking concessional and non-concessional caps from year one
Get Started
Call us on 02 8412 0086 or have your adviser get in touch. We’ll quote a fixed fee and can usually have the fund established within two weeks.
Fund establishment and registration including creation of ABN and TFN, trust deed, member applications, trustee declarations and relevant minutes.
Creation of special purpose corporate trustee company and compilation of company documents, including constitution, minutes and resolutions.
Review and check all paperwork has been correctly signed and dated.
Electronic copies of all documents to be sent to key stakeholders such as bank managers, mort-gage brokers or auditors.
Facilitation with opening a SMSF bank account.
Facilitation of partial or full rollovers.