Self Managed Super Fund – Setting up an SMSF

When you’re finally ready to set up a self-managed super fund, there are a number of important steps to take to ensure that it is being set up correctly and that all legal guidelines are being adhered to. By taking the time to create and consider your own SMSF plan, you can safeguard your fund’s eligibility for tax concessions and for receiving contributions. Being organised and having a plan also makes your fund easier to manage in the long term, allowing you to avoid being overwhelmed by tasks and responsibilities.

Before creating a detailed SMSF plan customised to your own needs, it might be helpful to have a basic overview of some of the key steps involved.

Setting Up – Talk to the Professionals

Establishing a self-managed super fund is no easy task. More often than not, it is worth considering whether you need the assistance of one or a number of professionals. Retaining professionals that guide you through your SMSF establishment will increase your chances of securing a well-managed, financially efficient, fund. If you do choose to retain a professional just remember that, regardless of their professional input, it is still you that is ultimately responsible for making sure everything is done correctly.

Types of Professionals

Whilst none of the following SMSF professionals are required by law, they all have the capacity to help ensure that you are adhering to relevant legal standards. More than this, they are equipped with the financial knowledge necessary to maximize your fund’s economic benefit.

SMSF Accountant

An SMSF Accountant is a financial professional whose job it is to inspect, secure, or keep financial accounts. When setting up a self-managed super fund, a SMSF accountant can certify that your fund’s accounts are sufficiently arranged in accordance with your SMSF plan. They may also assist in preparing both their annual fiscal position and operating statements.

Tax Agent

Tax agents are experts in tax law, and are a smart choice for anyone without the necessary skills or resources to guarantee that all of their SMSF decisions are in accordance with relevant legal standards. Tax agents are capable of drawing and lodging your fund’s annual return, supporting you in your communications with the Australian Taxation Office, and providing general advice regarding tax law and your fund. Before retaining a tax agent, though, it is advised that you refer to the Tax Practitioners Board and ascertain whether your professional of choice is registered.

Fund Administrator

Fund administrators are professionals in the administration of your self-managed super fund. The fund administrator’s primary role is to act as an overseer of the daily tasks and management of your SMSF. They guide you in the fulfillment of your general SMSF duties, ensuring that you meet your reporting and administrative commitments.

Financial Advisor

Financial advisors often play a significant role in organising and administering the investments and investment strategies of SMSFs. Arranging investments with secure and smart returns is a complex and exerting task that calls for a great deal of skill and experience if it is to be successful. The support of a financial advisor is a good idea for those that do not have a strong financial background or are not familiar with the various methods of investing. Financial advisors are also helpful in identifying the insurance products that will be most useful for you. Kingston & Knight have professional Melbourne experts that ensure that the financial advice provided is right for you. Contact us today on (03) 9863 9779 or email us on

Appointing an Approved SMSF Auditor

Auditing your fund is an essential step in the long-term management of your self-managed super fund. It is important to note here that whilst hiring the professionals, appointing an approved SMSF auditor is a requirement. The auditor is in charge of ensuring that your SMSF is in compliance with any relevant laws and certifying that your financial statements are accurate. Following the rules and appointing an auditor ensures that you achieve any tax concessions on your investment income to which you are entitled.

An approved SMSF auditor means that your fund’s auditor must be officially registered with the Australian Securities and Investments Commission (ASIC). If your auditor is registered, you will need to access their SMSF auditor number. Once you have their number, you are required to disclose it on your annual return. When appointing an auditor you must also keep in mind that they have to be financially indifferent to your fund. In other words, you may not retain an auditor that has any financial interest in your SMSF. In this vein, the auditor is also disallowed from being someone with whom any members or trustees of the fund have a personal relationship or close business relationship. Kingston & Knight have the professionals for your Self Managed Super Fund and are registered with ASIC. Contact us now on (03) 9863 9779 or email us on