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Congratulations on deciding to establish an SMSF.

Here are the easy steps involved when establishing your SMSF with Bell Direct.

Step 1 – Obtain professional advice

Establishing a self managed super fund is a highly regulated area. ASIC advocate that SMSF trustees should obtain a formal statement of advice as to whether an SMSF is appropriate to your circumstances before you proceed with establishing a fund and we are happy to meet with you and provide strategic advice to you if desired.

Step 2 – Decide on your SMSF Structure

An SMSF can have two types of structures.

• An Individual trustee structure, or
• A company to act as trustee

Before considering your structure, you should also decide what you want to do in your fund as this will also impact on which structure you use – in particular if you want to purchase property.

There are pro’s and con’s associated with each structure which will be addressed in a statement of advice. However, further information is available in the FAQ section on our website if you’d like to research this yourself.

Step 3 – Establish the Fund

We will arrange quick and simple establishment of your new SMSF via our secure online application form.

Upon receipt of your personal information we

• Apply for the ABN and TFN for the fund with the ATO
• Arrange for the fund trust deed which dictates the rules for the fund and we
• Prepare the compliance and regulatory paperwork
• The Bell Direct SMSF services uses a Macquarie cash account as the hub. We’ll arrange for initial establishment of your cash account and Macquarie will be in touch with you for verification.
• We also establish your Bell Direct trading account so you’re ready to start trading.

Step 4 – Contributing to your fund

Once your new SMSF is issued an ABN you can start contributing to your fund.

Any cash contributions can be made straight away, as can an in-specie transfer of assets.

If you have existing superannuation you can transfer it to your new SMSF via a rollover.

It’s vital that before you arrange a transfer of your super that you consider all benefits attached to your existing product – including things like insurance because if you rollover your full benefit, existing insurance will cease and you will need to go through the process of obtaining insurance advice and applying to obtain cover.

We recommend you read the Rollover Checklist on our website if you’re not obtaining strategic advice for this reason.

Step 5 – Deciding what to do with your fund

As an SMSF trustee you are required to have a documented Investment Strategy on file and it must cover off on a number of specified factors for consideration. An investment strategy is a detailed financial plan which is set out by the trustees of an SMSF based on the current and future financial needs of each member.

A key benefit of the Bell Direct SMSF service is we provide you with an Investment strategy template which you can complete either on your own or with the aid of a Financial Adviser

Step 6 – It’s time to start investing

Now that you’ve documented your strategy for retirement it’s time to implement it and your Bell Direct trading platform is ready for action. Our platform provides you with strategic portfolio tools, trading ideas, Bell Potter research and access to a wide range of investments.

To find out more about establishing an SMSF, please call us.