Have you wanted to set up your own self-managed superannuation fund?
Have you wanted to set up your own self-managed superannuation fund?
Firstly, you might want to consider meeting with a Financial Advisor to discuss your financial goals and whether or not having your own SMSF is for you. They aren’t for everyone!
However, if you know what you want to invest in and to control your investments, your accountant can assist with setting up your SMSF on your instructions. Your accountant can not provide any advice regarding whether it is a good or bad decision for you.
Once the legal documents are set up, you will need to open a bank account in the name of your SMSF. Again, again as an accountant, we cannot recommend any bank; it is your decision.
When the bank account is set up, you can roll over your superannuation from current retail funds, e.g., AustralianSuper. When the money is in your SMSF bank, you can use the money to invest in what you choose.
In terms of timing, I would usually allow up to 6 weeks. There are a few steps. The biggest hold-up can be the amount of time it takes for your current superannuation fund to release the money into your SMSF bank account. This is outside of your control; it can be done quicker, but being an accountant, we like to be cautious.
