SMSF setup

If you’re wondering how to start your own SMSF this information will help. Grow SMSF can help with SMSF setup Gold Coast by following our SMSF highly refined SMSF setup process that is completely online and digital.

If you’re wondering whether SMSF setup costs deductible ATO – they’re not – at least not directly. Who pays the SMSF setup costs? The fee to set up an SMSF is normally paid by the members, and then once the SMSF is setup and bank account open with funds received from contributions or transfers, the member can be reimbursed for the SMSF setup costs. 

If the cost of setting up the SMSF is not repaid from the self-managed super fund bank account to the member, then it can be recorded in the SMSF accounts as a contribution and technically the SMSF member can claim a personal tax deduction for that contribution.  The SMSF setup fee itself is specifically NOT ALLOWED as a tax deduction according to the ATO.  The SMSF setup costs are non-deductible expenses.

Grow SMSF takes care of hundreds of SMSF setups across Australia.

SMSF Setup

Set up your self-managed super fund online.
Complete your SMSF setup request online via our easy to use online form.
Have your TFN and ID handy.
Electronically sign your trust deed and other SMSF setup documents.
Legally compliant and accepted by ATO.
We will apply for an ABN and TFN for your SMSF and register it to receive contributions and transfers.

Our SMSF setup process

Once the ATO approves your SMSF setup we will submit an application for a cash management account and investment/brokerage accounts.
Request your super transfer.
We submit your request electronically via SuperStream and help you with any requests made by your super fund.
6. Invest on your terms
Now it’s time to implement your SMSF investment strategy and enjoy the freedom your very own super fund offers!

SMSF setup fees

$770
Individual trustees
  • 2 x Individuals members only
  • Online paperless application
  • Sign electronically (NSW,VIC,QLD only)
  • SMSF trust deed
  • ABN & TFN application
  • Registration with ATO
  • SMSF bank account setup
  • SuperStream electronic super transfers
  • Initial SMSF investment strategy
  • Phone & email support
$1320
Company trustee
Recommended ✅
  • 1 to 6 SMSF members
  • Includes trustee company
  • Online paperless application
  • Sign electronically (Australia wide)
  • SMSF trust deed
  • ABN & TFN application
  • Registration with ATO
  • SMSF bank account setup
  • SuperStream electronic super transfers
  • Initial SMSF investment strategy
  • Free 10 minute phone consultation
  • Phone & email support
$770
Individual trustees
  • 2 x Individuals members only
  • Online paperless application
  • Sign electronically (NSW,VIC,QLD only)
  • SMSF trust deed
  • ABN & TFN application
  • Registration with ATO
  • SMSF bank account setup
  • SuperStream electronic super transfers
  • Initial SMSF investment strategy
  • Phone & email support
$1320
Company trustee
Recommended ✅
  • 1 to 6 SMSF members
  • Includes trustee company
  • Online paperless application
  • Sign electronically (Australia wide)
  • SMSF trust deed
  • ABN & TFN application
  • Registration with ATO
  • SMSF bank account setup
  • SuperStream electronic super transfers
  • Initial SMSF investment strategy
  • Free 10 minute phone consultation
  • Phone & email support

SMSF setup fee includes the fee to register a new special purpose trustee company with ASIC.

Why choose Grow to setup your SMSF?

Learn why we are the SMSF setup experts:
Human support
We guide you through the entire SMSF setup process and beyond. Help and answers always available via phone or email.
Quality SMSF documents
We use high-quality SMSF trust deeds that allow investment into any allowable asset including support for cryptocurrency and digital assets.
Completely digital
Our SMSF setup process is completely digital. Paperless from application, signing documents, bank/broker applications and transferring your super.
Get your SMSF setup fast with a Macquarie Cash Management Account. Online application with BSB and account number issued instantly.
Fast super transfers
We issue your SMSF an Electronic Service Address (ESA) and transfer your super via SuperStream. Transfer all your super or only some.
You can choose to obtain life and TPD insurance for your SMSF through our insurance partners. Your SMSF pays the premiums.

Frequently Asked Questions

Why is Macquarie used as the cash account for the SMSF?

When you set up a self-managed super fund you also need to set up a new bank account for the SMSF. We’ve selected the Macquarie Cash Management Account (CMA) for the following reasons:

  • No account keeping fees or transaction fees;
  • Fast and 100% online account set up;
  • Data feeds and read-only accountant access;
  • Great mobile bank app and Australian-based customer service;
  • Accepted by all industry and retail super funds for electronic transfer via SuperStream,
  • Fast inward transfers on the NPP (New Payments Platform / OSKO / PayID) – March 2022,
  • Fast outward transfer on the NPP – Late 2022.

Keeping your SMSF money separate from your personal money is essential when you have an SMSF. Because most people don’t use Macquarie for their everyday personal banking, using Macquarie helps ensure no costly mistakes.

Find out why we believe the Macquarie CMA is the best SMSF bank account.

How much money do you need to start a SMSF?

One common question in regards to the set up of an SMSF is “How much super do you need to set up an SMSF?”. 

The answer is simple: It depends! 

Importantly, there is no SMSF minimum balance required by the ATO. 

Where the ATO has information showing the total super balances of the SMSF members is under $50,000 the likelihood of the ATO auditing the SMSF application increases significantly.

Based on outdated information from ASIC some industry and retail super funds will say that you need at least $500,000 for an SMSF. This is incorrect and not supported by independent research.

SMSF research by the University of Adelaide released in February 2022 found “the performance of a typical SMSF improves as the balance of the fund  approaches $200,000. Once this threshold is reached, the performance of   the fund is comparable  with SMSFs  with much larger balances.”

One approach when looking at how much money you need to set up an SMSF is to compare fees. On average a large APRA regulated superannuation funds will charge 1.10% of your balance.  This is based on information collated by Canstar as at 14/04/2020

Using this approach, if your SMSF is paying $1320 per year in SMSF fees, then a super balance approaching $120,000 will make the costs similar.  Remember an SMSF can have up to 6 members and you only pay one lot of fees per SMSF – so sharing costs with your partner is a great SMSF advantage. 

SMSFs provide access to investments that no other super product can provide such as direct property, cryptocurrency and unlisted private investments. Therefore the greatest cost with an SMSF is the cost of NOT HAVING AN SMSF and missing out on the greatest investment opportunities.

How is Grow SMSF different to cheaper online providers like esuperfund?

There are a number of differences if you were to compare Grow SMSF to many of the low cost online only service providers available.  We recommend anyone comparing SMSF service providers look at the following as part of their research:

  1. Service: We provide personalised phone and email support.  You are not forced to make all communication via an online portal. Our phone number 1300 651 263 is readily available during business hours (AEST). Check to see whether other providers have a phone number you can call to speak to a human.
  2. Transparency: Where Grow SMSF receives commission or referral fees we will disclose them and where possible rebate them to your cryptocurrency SMSF or use the commission received to reduce your SMSF fees.. Some other SMSF service providers receive commissions which increase the ongoing costs of using their preferred suppliers.  Check the Product Disclosure Statement (PDS) of those providers to see how much they receive in commissions.
  3. Work Required from you: Some providers are not ‘full service’ SMSF administration providers – they could better be described as an online accounting system with an SMSF audit and lodgement function attached.  Grow SMSF does not require you to categorise or code any of your SMSF transactions yourself.

The above is not a comprehensive list. Take a look at our esuperfund review to find more specific information on comparing Grow SMSF to other service providers.

Who pays SMSF setup costs?

The fee to set up an SMSF is normally paid by the members, and then once the SMSF is setup and bank account open with funds received from contributions or transfers, the member can be reimbursed for the SMSF setup costs. 

If the cost of setting up the SMSF is not repaid from the self-managed super fund bank account to the member, then it can be recorded in the SMSF accounts as a contribution and technically the SMSF member can claim a personal tax deduction for that contribution.

Grow doesn’t enable you to setup an SMSF without paying the upfront establishment fee. Most people choose to pay the fee via credit card and then reimburse themselves in 2-3 weeks once the SMSF has received transfers of existing super.

How long does it take to set up an SMSF?

On average it takes two to three weeks to set up an SMSF.

Setting up the SMSF structure including trustee company, trust deed and other required documents is fast and happens within 1-2 business days.

The longest part of the process is waiting for the ATO to approve the registration of your SMSF.  This can take anywhere from two business days to two months (56 days).

To avoid SMSF registration delays we recommend the following:

  • Ensure your personal and business tax affairs are up to date (including lodgements and payments);
  • Choose a unique SMSF name that is not identical to any other existing super find on Super Fund Lookup;
  • Make sure your super balance and income are appropriate for an SMSF;

Another thing that can delay your SMSF setup are delays with transferring your super to your SMSF. Check with your existing super fund what their ID and verification requirements are and start getting them ready for your transfer.

Retail and industry super funds are allowed to request your ID and a bank statement to verify the SMSF bank account for payment. 

Some funds demand original physical copies of certified ID. You can send ID to your super fund BEFORE you request a transfer so they’re on file.

Grow assists with the transfer process and certification of ID.

How much does it cost to set up an SMSF?

The set-up fees for a new SMSF are as follows:

  • $770 with individual trustees;
  • $1320 with a company trustee

Grow SMSF intentionally DOES NOT offer ‘FREE’ SMSF establishment to ensure we provide you with the best possible upfront support and service you deserve.

You can set up a new SMSF with Grow here: Set up an SMSF

Is there an SMSF setup checklist?

The following can be used as your SMSF setup checklist.

  • Choose the members of your SMSF;
  • Decide on your SMSF trustee (company versus individual trustees);
  • Obtain SMSF trust deed;
  • Sign SMSF setup documents;
  • Ensure the SMSF has assets;
  • Submit SMSF ABN and TFN application to ATO;
  • Setup SMSF bank account;
  • Ensure you have an Electronic Service Address (ESA);
  • Transfer existing super to your SMSF;
  • Document and implement your SMSF investment strategy.

Grow SMSF guides you through the SMSF setup process and is there to help you with any questions you have!

Are SMSF setup costs deductible?

No. 

The cost to setup an SMSF is not tax deductible. The SMSF setup costs are non-deductible expenses according to the ATO.

The fee to set up an SMSF is normally paid by the members, and then once the SMSF is setup and bank account open with funds received from contributions or transfers, the member can be reimbursed for the SMSF setup costs. 

If the cost of setting up the SMSF is not repaid from the self-managed super fund bank account to the member, then it can be recorded in the SMSF accounts as a contribution and technically the SMSF member can claim a personal tax deduction for that contribution.   

Grow SMSF Reviews

Google 5.0/5.0
Highly Recommend!
I highly recommend the services that Kris and Grow SMSF provide. Top quality service and all set up within a day. Professionally guided through the process with excellent communication and efficiency. Grow SMSF prices are so low for what you are getting – Amazing…
Could not be happier.

Allan M.
Google Review

Great customer service

I highly recommend Kris from Grow SMSF. Cheap setup and ongoing costs, great customer service, very helpful and professional. I was amazed how quick the SMSF was setup. It only took 2 weeks for Kris to set the SMSF up vs my friend’s accountant took 2 months to set his. I am so glad that I found Grow SMSF.

Rose D.
Google Review

Great service and guidance
I’ve worked with Kris from Grow SMSF for a number of years and he’s always delivered a great service and advice where needed. From the original setup of my SMSF through to getting the returns etc done each year, everything works well with no drama. Highly recommend + keep up the good work!

Simon P.
Google Review

Great assistance

Kris is very responsive to queries and flexible – always takes the time to explain and assist. I would recommend him to anyone wanting to dip their toes into an SMSF.

Steve BD.
Google Review

Responsive and effective support
Kris is exceptional. Very responsive, effective and diligent.

Stephen W.
Google Review

Ready to go?

Set up your SMSF today with Grow.

SMSF Setup Questions?

Setting up an SMSF can be daunting. Schedule a phone call to get answers to any questions you have about your SMSF setup!
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Contact

Suite 247 / 10 Albert Avenue

BROADBEACH QLD 4218

1300 651 263

07 5665 9979

[email protected]

Twitter
@GrowSMSF – 2 weeks

SMSFA calls on APRA-regulated funds to standardise verification requirements – SMSF Adviser Well said…

Copyright © 2020 by Grow SMSF Pty Ltd. All rights reserved.

General Information Warning & Disclaimer

All information contained on this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed. Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.

Grow SMSF does not hold an Australian Financial Services Licence (AFSL) and we are not authorised representatives of a AFSL. We do not provide financial product advice or recommend any financial products either expressly or implied.

From time to time Grow SMSF may produce information or content about specific financial products or services that enable access to specific financial products however we do not recommend, endorse or confirm as suitable any financial product or service featured on the Grow SMSF website or social media assets. This condition specifically applies to any financial product where Grow SMSF provides services at a discounted or preferential fee due to the use of those products, services or accounts. It’s not compulsory to utilise a specific account or service provider to be a client of Grow SMSF however the types of accounts, investments and service providers you use for your SMSF will determine the fees your SMSF is charged.

Where Grow SMSF provides information in relation to a financial product or service supported by or integrated with Grow SMSF the information is factual information only about the operation of the account or service and how data or reporting information is made available to us. Before making a decision on any financial product for your SMSF you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision. As financial product and solution providers are frequently making changes to their products and services Grow SMSF cannot accept any responsibility for any outdated or inaccurate information provided on this website or via social media assets.

Grow SMSF Gold Coast based accountants looking after SMSF trustees from around Australia. Liability limited by a Scheme approved under Professional Standards Legislation.