Welcome to Western Suburb Accountants !!

Establishment of SMSF

Setting up Self Managed Superannuation Fund (SMSF)

Would you like to have more control over your superannuation fund? Then a Self-Managed Super Fund (SMSF) may be the answer.

If the idea of being in command of your super funds appeals, but the hard work puts you off, WS Accountants can help.


We can assist you with:
✓ Establishment of new funds
✓ Administration of Self-Managed Superannuation Funds (SMSF)
✓ SMSF tax returns and compliance issues
✓ SMSF audits
✓ Establishment of Pension Funds (transition to retirement and account-based income streams)
✓ Variation of existing SMSF Trust Deeds
✓ Borrowing strategies
✓ Estate planning strategies
✓ Tax effective strategies to minimise tax

WS Accountants can help you with all aspects of retirement planning, not just super funds. You can rely on us to help you build a reliable and tax effective retirement income.


How we Setting up your SMSF:
✓ Appoint SMSF professionals to help you set up and run your fund such as a tax agent, fund administrator, legal adviser and financial adviser to help with your investment strategy and investments. A tax agent can help prepare your fund’s accounts and its annual financial position and operating statements, complete and lodge your SMSF annual return and provide tax advice.

✓ A fund administrator can help you manage the day-to-day running of your fund and meet your annual reporting and administrative obligations. A legal practitioner can review and, if necessary, update your fund’s trust deed and a financial adviser can help you formulate an investment strategy.

✓ Decide which trust structure to use for your fund – a SMSF can either have a company act as trustee or the members can act as the trustee. The above professionals can help you understand the advantages and disadvantages of either and what is appropriate for your fund.

✓ Make sure all the members are eligible to be trustees – only people who are not disqualified are permitted to act as the trustee of an SMSF. A disqualified person includes someone who is an undischarged bankrupt, has been disqualified by a regulator (e.g. the ATO) or subject to civil penalty under the super laws, or convicted of a crime involving dishonesty. A disqualified company includes companies that are insolvent or under administration.

✓ Check the residency of your fund – your fund needs to satisfy the definition of an Australian Superannuation Fund at all times during the income year. If a member moves overseas for an extended period this may change its status and the fund could be taxed at the highest marginal rate.

✓ Create your trust and trust deed – A super fund is a special kind of trust. A trust is an arrangement where a person or company (the trustee) holds assets (trust property) in trust for the benefit of others (the beneficiaries). The trust deed is a legal document that sets out the rules for establishing and operating your fund – things like the fund’s objectives, which can be a member and how benefits are paid. You will need someone who is legally qualified to do this for you.

✓ Appoint your trustees – All trustees and directors need to sign a declaration stating they consent to act as a trustee and that they understand their duties and responsibilities of becoming a trustee or director.

✓ Record each member’s tax file number – You’ll need to request each member provide their TFN when establishing the fund.

✓ Open a bank account for your fund – To be legally established, your fund needs to hold assets. You need to open a bank account in your fund’s name to manage the fund’s operations and accept contributions and any rollovers of super benefits.

✓ Register with the ATO – Once your fund is legally established and the trustee declaration has been signed, you need to register your fund with the ATO. You can then choose if you want your SMSF to be regulated (in order to be eligible for tax concessions), apply for the fund’s TFN and ABN, and register for GST (if required).

✓ Prepare your investment strategy – This should provide a framework for making investment decisions. It should be in writing so you can prove your investment decisions comply with it and the super laws. A professional financial adviser can help you with this.


We provide you with comprehensive SMSF annual reporting that is more than just financial statements. More about our reporting or get a sample of the report we prepare for you.

"To have WS Accountants manage your accounting and taxation for your self managed superfund and audit of your self managed superfund.

We invite you to contact us to discuss how we can managed your self managed superfund's accounting and taxation needs or our processes.


For further information, please read a booklet ‘Setting up a Self-managed Super Fund (SMSF) which is Prepared by Australian Taxation Office.


If you need a more strategic approach to SMSF setting-up services, just consult the dedicated team of our professionals.

So, feel free to contact us.