Here’s the step-by-step SMSF setup process with Stealth Accountants:

1. Research and Education: Familiarize yourself with SMSFs, including their benefits, responsibilities, and regulatory requirements. Consider seeking professional advice from financial advisors or SMSF specialists.
2. Initial Consultation: Schedule a consultation with Stealth Accountants to discuss your SMSF setup requirements, objectives, and preferences.
3. Name Selection: Choose a name for your SMSF and, if opting for a corporate trustee, select a unique name for the trustee company.
4. Personal Details Submission: Complete a form providing your personal details required for the SMSF setup application.
5. Director’s Identification Number (DIN): If applicable, Stealth Accountants will assist in obtaining a DIN through the Australian Business Registry Services.
6. Legal Documentation Preparation: Stealth Accountants will collaborate with SMSF lawyers to prepare legal documents including the SMSF Deed, corporate trustee constitution, and optional binding death nominations.
7. Compliance Document Organization: Organize trustee minutes, member applications, ATO trustee declaration forms, and an investment strategy template.
8. ATO Registrations: Stealth Accountants will handle the application process for ATO Registrations, Apply for a Tax File Number (TFN) and an Australian Business Number (ABN) for the SMSF through the Australian Taxation Office (ATO). including obtaining an Electronic Service Address (ESA) for the SMSF.
9. Bank Account Setup: Once ATO registrations are obtained, Stealth Accountants will guide you in setting up a bank account for the SMSF with any preferred bank.
10. Rollover Assistance: Stealth Accountants can assist in preparing and submitting rollover paperwork for transferring existing superannuation accounts into the SMSF.
11. Register with ATO: Register the SMSF with the ATO within 60 days of establishment. Complete the necessary forms and provide trustee details, fund structure, and contact information.
12. Implement Investment Strategy: Execute the SMSF’s investment strategy by acquiring assets and investments in accordance with the trust deed and investment strategy.
13. Annual Compliance Obligations: Meet annual reporting and administrative requirements, including lodging tax returns, financial statements, and regulatory disclosures with the ATO.
14. Review and Monitor: Regularly review the SMSF’s performance and compliance with regulatory requirements. Consider seeking professional assistance for investment management and compliance monitoring.