Trustees are responsible for managing the SMSF in accordance with the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA) and other legal requirements. They oversee the fund's operations, make all investment decisions, and ensure compliance. Trustees hold and manage the fund's assets solely for the benefit of its members and their dependents.

A superannuation fund qualifies as a Self-Managed Super Fund (SMSF) if it has four or fewer members and meets the conditions set out in section 17A of the Superannuation Industry (Supervision) Act 1993 (Cth) (SISA). Members are the owners of the SMSF, and their entitlements are based on the balance they hold within the fund. Each member must also act as a trustee, or as a director if the fund uses a corporate trustee structure. All trustees share responsibility for managing the fund, making investment decisions, and ensuring compliance with superannuation laws.

An SMSF is governed by a set of rules outlined in its trust deed. The fund is officially established when the trust deed is executed and, where required, stamped by the relevant state or territory revenue authority.

In specific situations, a power of attorney may act as an individual trustee or as a director of a corporate trustee, provided they meet the requirements outlined in section 17A(3)(b)(ii) of the Superannuation Industry (Supervision) Act (SISA). If you plan to proceed with this, we recommend seeking legal advice.

Advantages of an SMSF include:

• Members, as trustees, have greater control over investment decisions
• Trustees can actively participate in decisions regarding benefit withdrawals, including whether to take a lump sum or start a pension.
• SMSFs can purchase business real property from related parties of the fund (link).
• SMSFs offer estate planning benefits, such as the ability to make indefinite binding nominations.
• There is increased flexibility in managing taxation liabilities among members.

Establishing an SMSF generally involves three key steps:

• Appointing trustees
• Preparing the trust deed
• Electing to be a regulated fund and obtaining a Tax File Number (TFN) and Australian Business Number (ABN) for the SMSF

SMSFs are regulated by the Australian Taxation Office (ATO). It is essential to notify the ATO of your election to become a regulated superannuation fund within 60 days of establishing your SMSF. Discount SMSF Admin includes this notification service free of charge as part of your SMSF setup.

In an SMSF, trustees have complete control over all investment decisions. However, they must not withdraw funds from the SMSF before the legally allowed time, as the fund is intended for retirement savings. Accessing superannuation benefits prematurely through an SMSF is illegal, and both the fund and the individual receiving the early release may face severe penalties if benefits are unlawfully withdrawn.

The SMSF sector is expanding rapidly. According to the latest statistics on the ATO website, there are over 500,000 SMSFs with more than one million members. The total assets held within these SMSFs are estimated to exceed $700 billion.

More detailed information about SMSFs is available on the ATO website - www.ato.gov.au/super

Setting up a new SMSF is simple through our website. Just visit (Place link here) to get started.

Transferring your existing SMSF to our platform is quick and straightforward. Visit (place link here) to begin the process.

Under superannuation law, a fund qualifies as an SMSF only if its trustees hold assets on behalf of its members. An SMSF operates as a trust—an arrangement where a person or company (the trustee) legally holds assets for the benefit of others (the beneficiaries).
A super fund is a specific type of trust, established solely to provide retirement benefits to its members.

Trustees – either individuals or a corporate trustee
Assets – typically an initial nominal amount (e.g. $10) attached to the trust deed to give legal effect
Identifiable beneficiaries – the members of the SMSF
Clear intention to create a trust – the purpose being to operate a superannuation fund
The Role of the Trust Deed
The trust deed is a legally binding document that outlines the rules for setting up and managing your SMSF. It specifies key aspects such as the fund’s objectives, eligibility criteria for members, and how benefits may be paid (e.g. lump sum or income stream).
Together, the trust deed and superannuation legislation form the governing framework of your SMSF.
Key requirements for the trust deed:
Must be prepared by a qualified law firm
Signed and dated by all trustees
Properly executed in accordance with relevant state or territory laws
Reviewed regularly and updated as needed to ensure compliance with changing laws and circumstances

Once you complete our online application form for a new SMSF, our system automatically generates all the necessary documents to establish your fund correctly. You’ll receive an email from us containing your account details along with all relevant SMSF documentation.
Your SMSF setup package will include:

• SMSF Trust Deed
• Certificate of Incorporation (for corporate trustee setups)
• Trustee Company Constitution (for corporate trustee setups)
• Minutes and Resolutions
• Product Disclosure Statement (PDS)
• Trustee Declarations
• Investment Strategy Template
• Tax File Number (TFN) and Australian Business Number (ABN) for the SMSF
• Application form to open a bank account

We include a generic investment strategy template as part of your SMSF documentation. You are encouraged to review the template and, if it aligns with your investment goals, you may adopt it as is. Alternatively, you can modify it to better suit your specific needs and objectives.

When setting up a new SMSF, you have the option to include a corporate trustee in a single order. This offers several benefits:

• Save time and reduce the risk of errors by completing just one form, rather than setting up the corporate trustee first and then the SMSF separately.
• You'll receive a complete set of documents for both:
• The Corporate Trustee, and The SMSF.
• We’ll first register your special purpose corporate trustee with ASIC, then use the ACN details to establish your SMSF.

Once you complete our online form and questionnaire, our system will instantly generate your documents for review and signing. If you have any questions or specific requirements, feel free to contact us — we're happy to assist and provide further clarification.

After you’ve signed and returned the documents, the SMSF setup process typically takes about one week.

Click here to learn more about our turnaround times.

Yes, you are required to provide 100 points of identification documents. Click here (Provide hyperlink) to view the list of acceptable documents, along with details on who can certify them and how the certification should be done. These documents are necessary for opening a bank account for your SMSF.

We will provide you with a complete set of documents, including pre-filled Rollover forms. Please sign the Rollover documentation and include supporting evidence confirming the establishment of your SMSF.

Once signed and all required documents are gathered, forward them to your existing superannuation fund for processing.

The rollover timeline can vary depending on the provider and may take up to one month to complete.

Once the rollover funds have been deposited into your SMSF transaction bank account, you can begin investing.