SMSF Online Setup
Trustworthy SMSF Setup Company
iCare Super has been setting up SMSFs since 2012, with thousands of SMSFs set up since. We are one of the most reputable SMSF establishment service providers in Australia. You can find our clients’ valuable feedback for our SMSF setup services in the below links: Testimonials, Product reviews, Google reviews
Easy Process
SMSF establishment is an easy process with iCare Super. We have a delicate team that is specialised in setting up all types of SMSFs and relative structures, including an SMSF with individual trustees, an SMSF with a corporate trustee, a QROPs SMSF setup, company setup and a bare trust with corporate trustee or individual trustees.
Once we have received your SMSF setup application form, we will deliver all the legal documents and TFN/ABN for your SMSF in a couple of hours.
Prompt SMSF Setup Support
If you have any questions in regards to your SMSF setup or if you experience any difficulties when filling out our online SMSF setup form, you can contact us by phone, email or online chat. Your questions will be answered straight away by our SMSF specialists.
Some clients may prefer to meet us before setting up their SMSFs. We can arrange a meeting with you at our Melbourne office to discuss all your SMSF setup concerns and questions.
Cost-Effective Setup Service Provider
There are many SMSF service providers that offer SMSF establishment costs ranging from $330 up to $4,400. It is important to choose an SMSF setup service provider with transparent fees and the cheapest SMSF setup costs.
iCare Super is one of only two (maybe three) SMSF services providers that can offer free SMSF setup with individual trustees. Our costs for setting up the SMSF with a corporate trustee are only $880 and are among the most competitive prices in Australia.
Our ongoing annual running costs for your SMSF are also among the lowest on the market. Our fees are always fixed and there are no hidden costs or surprise bills at the year’s end.
Quality Setup Documents
Our setup documents include the trust deed, investment strategy template, consent to act as trustee, member application forms, binding death nomination forms, ATO trustee declaration forms and other compulsory documents.
Our setup documents can allow you to invest in any type of investment and are also widely recognised by most financial institutions in Australia, therefore you will have no issue to use our deed to open bank accounts, broker accounts or borrow from the banks to buy properties in your SMSF.
Setting Up an SMSF
There are various steps involved with setting up an SMSF. Each SMSF must be set up in accordance with the relevant regulations, legislations and ATO reporting requirements. Anyone who is considering setting up an SMSF must:
- Choose a name for the fund and consult with their accountant or financial adviser for assistance in setting up the right trustee and trust structure for their requirements.
- Prepare an investment strategy.
- Apply for the trust to be regulated, and acquire a Tax File Number (TFN) and Australian Business Number (ABN) if they do not have these already. All three of these can be set up at the same time.
- Set up a bank account. Most banks will need to be shown certified copies of the signed trust deed, tax file number certificate, and business number certificate prior to opening an account with them.
- Inform their previous super fund provider that they want them to rollover their current balance into the SMSF.
Things to Consider Prior to Setting Up an SMSF
Setting up an SMSF is something that shouldn’t be taken lightly and will require extensive research. There are various factors to consider when deciding whether or not an SMSF is right for you:
Will it save you money?
There are numerous fees you will have to pay when managing an SMSF. You should take into consideration how much money you currently have saved up for retirement and if it’s financially feasible for you to set up an SMSF. Compare the accounting and audit fees of an SMSF with the 1-2% that most retail super fund providers charge.
What benefits will you lose?
Most employer-provided super funds come with benefits and options. If you choose to use an SMSF, you will have to set up these benefits yourself, as they will not automatically come with the aforementioned benefits and options.
Are you able to effectively invest your super funds?
The money that goes into an employer provided super fund is handled and invested by professional superannuation experts. If you’re unable to make sound investment decisions, your super fund will not be managed effectively and you won’t get the returns on your fund that you could be getting. This is why SMSFs are best suited to people who have experience with and understand how personal investments work.
What happens if I lose any of my funds?
Unlike standard types of super funds, you will not be able to reclaim any funds that have been lost through an SMSF.
Do you have the time and knowledge to manage your SMSF?
Anyone managing their own SMSF must be aware of all the legislation, regulations and taxation requirements that have to be met, and understand the investment market. Anyone who does not understand these requirements or does not have the time to do so should speak to an SMSF provider for assistance with managing their funds.
Contact Us Today
If you require the assistance of SMSF specialists in Melbourne to set up your SMSF fund, get in touch with iCare Super to organise a consultation. Our qualified SMSF accountant will help you set up a fund and provide you with advice on how to effectively manage and get the most out of your SMSF. Contact us today by calling (03) 9557 4079 or filling out our online enquiry form.