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02 7228 0466
SMSF Setup
Set up your Self-managed super fund online.
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SMSF Pre setup Checklist
Do you have any overdue personal income tax returns?
The ATO will not approve your SMSF registration if you have outstanding personal or business tax obligations.
Ensure all personal and business tax returns are lodged before setting up an SMSF.
Do you owe the ATO any money (that's not under a payment plan)?
Are you an 'associate' of a business(e.g. Director, sole trader, a partner in a partnership etc.)?
Does the business have any overdue tax returns or activity statements or owe the ATO any money?
ATO will not approve your SMSF registration if you, or any business you're associated with, owes money not under a payment arrangement.
Ensure all personal and business tax debts are paid before setting up an SMSF.
Are you a member or trustee of an existing SMSF?
If you are a member or trustee of an existing SMSF, you must ensure all returns are up to date, and there are no ongoing compliance issues with the SMSF.
Have you ever been a member or trustee of an SMSF?
If you've previously been a member of an SMSF that's been closed, the ATO will review the compliance history of that fund.
The ATO may still approve your new SMSF. However, they will likely take longer than normal while reviewing your existing or previous SMSF.
Are you an undischarged bankrupt or have you ever been bankrupt?
If you are or have ever been, bankrupt, the ATO will consider this before approving your SMSF.
Please note that this is one piece of data only and the ATO will not look at it in isolation
Have you ever been convicted of a crime relating to dishonesty?
Suppose you have been found guilty of an offence involving 'dishonesty' in Australia or overseas. In that case, you cannot become a trustee of an SMSF or director of a company that will be the trustee of an SMSF.Examples include offences involving theft, fraud, and deception for personal gain. Even shoplifting would be included.
Have you been a victim of identity theft?
If the ATO has information that your identity may have been compromised, approving your SMSF will take extra time. You will need to get your TFN record unlocked for 48 hours and the SMSF ABN application can only be submitted via this 48 hour window.
This is to prevent theft of your superannuation monies.
What is the approximate total super balance of the people who will be members of the SMSF?
A low super balance is a key trigger for the ATO to manually review your SMSF registration application.
Although no mandated minimum amount is required to set up an SMSF, the lower the balance, the higher the chance the ATO will review your application.
There may be legitimate reasons for commencing an SMSF with a low balance, for example if the fund is expected to receive significant contributions shortly after being set up
.
Are you currently employed and receiving regular super contributions?
If you're unemployed, the ATO is unlikely to approve the registration of your SMSF for two key reasons.
Firstly, they will believe there is a higher chance of illegal early release.
Secondly, they will question the fund's sustainability where no contributions are entering the SMSF.
If however, you're not working because you don't need to work (i.e. early retirement, financial independence etc)., your ability to register an SMSF will not be negatively impacted.
Are you currently living in Australia?
To setup an SMSF, you typically need to be residing in Australia.
If the ATO has information that you're residing overseas, it is more likely they will manually review your SMSF registration.
Seek specialist advice if you have concerns about your residency and how it may impact setting up an SMSF.
Will any persons under 18 be members of your SMSF when you set it up?
A person under 18 can only be a member of an SMSF when a parent or guardian acts as a trustee on their behalf.
Although this situation is accommodated in the SMSF registration with the ATO, it does typically trigger a manual review of the application.
Do all individuals who will be members of the SMSF have a Director ID?
iIIf setting up an SMSF with a trustee company, all members of the SMSF must be directors of the trustee company and have a Director ID.
The ATO will not approve the registration of the SMSF unless all members over 18 have a Director ID.
Do all Trustees of the SMSF understand the sole purpose of setting up the SMSF?
ATO will call to make sure that all the trustees understand that the sole purpose of the SMSF is to provide beneifts to the members upon their retirement.
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Office: Suite 513, Level 5/321 Pitt Street, Sydney NSW 2000
02 7228 0466
Assistance Hours: Mon – Sat 9:00am – 5:00pm
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