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Steps after setup

After you have signed all the SMSF setup documents and sent the signed pages to us, your SMSF will be officially up and running!

Steps after the setup:

1.please use the ABN provided to you to check your SMSF status on Super Fund Lookup website.

If you see the status of your new SMSF is “complying” or “registered”, you can start the next step. If the status is “Election to be regulated being processed”, please hold off on next steps until it has been changed to “complying” or “registered”.

2.open the bank account in the name of your SMSF.

We can help open ANZ V2 Plus Account, and you need to advise us if you want us to open one for your SMSF or not. Please note ANZ V2 Plus Account does not have any monthly account keeping fees, and there will be also interest income on cash sitting in the bank account, regardless the balance.

You can also open SMSF bank accounts on your own. Please note that some banks, such as Macquarie Bank and Commonwealth Bank, will require your SMSF’s ABN to be compliant first.

For more information, please read this link: Open Bank Accounts

3. register an ESA.

We can register the ESA for your SMSF. Please note that a one-off fee of $110 will apply if you request us to register the ESA and also prepare the rollover for your SMSF.

4. organise the rollover from your retail or industry super fund. Please follow the guidelines in this link:   Rollover of super to SMSF.

Retail and industry fund will require the ESA and bank account details for the rollover to match exactly with these information in the ATO system. We will update these information with the ATO if we help open the bank account and register the ESA.

If you organize the bank account and ESA by yourself, please let us know these details after you have them so we can update them with the ATO.

5. advise your employer to pay employer contribution to your SMSF.

Again, you will need to provide Electronic Service address (ESA) to your employer. For more information, please read this article: Electronic Service address (ESA)

6. open investment platform or trading account.

Please note we do not have restrictions on brokers, exchanges, trading platforms, or investment trading accounts. As long as you can open the account in the name of your SMSF, it will be fully  acceptable to iCare SMSF. Please note we do not recommend any broker accounts or investment advice to SMSF trustees.

If you need any assistance with the above steps, please feel free to contact us.  



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