It would be best if you discuss the suitability of SMSF Setup with a licensed adviser who will also advise you on the Self Managed Super Fund setup process and provide SMSF Setup Services Melbourne. Superfund Warehouse will take care of the SMSF administration services in Melbourne of the fund. You have the option to set up SMSF with individual trustee (where individuals act as trustee of the Superfund usually, they are SMSF members) or corporate trustee (where company need to be set up with ASIC). If borrowing arrangement needs to be set up within SMSF it requires a separate bare trust with a different trustee.

Self managed super fund or most commonly known as SMSF or DIY Super is the fund set up by trustees who are usually the members of the fund, managed by the fund trustees to save money for the retirement of the fund members. In this type of structure as members and trustees are same person (expect single member funds where other rules apply), members run this type of fund for their own retirement benefits and at the same time they are also responsible to comply with Superannuation and tax return rules and regulations.

Self-managed super funds are now the largest category of superannuation in Australia. They have become an increasingly significant part of the Australian superannuation landscape in recent years. The Australian Taxation office also publishes quarterly and annual statistics and reports relating to the SMSF sector. Of particular interest is how the number of entities and their fund balances have grown over time.

How to do SMSF Setup and Administration
Can you set up SMSF with someone else – All superannuation funds are required to appoint trustees. Trustees are responsible for ensuring the fund is properly managed and that it complies with SIS rules and broader legal obligations. To be an SMSF all fund members must be appointed as trustees of the fund. It is possible to setup Self Managed Super Fund with others like family members or friends and as the number of members increased from four to six with recent superannuation changes it could be more affordable as the costs can be shared. But setting up SMSF comes with a lot of responsibilities on members and trustees. When adding members or setting up SMSF with some else you need to be aware if something will go wrong it will impact members balances and retirement benefits. So, setting up SMSF and who will be members and trustees needs to be carefully considered.

SMSF set up cost – The setup cost of SMSF varies. The more cost includes establishing SMSF with a borrowing arrangement and corporate trustees. If corporate trustees need to be set up with ASIC additional costs apply for the formation the company.

Advantages of setting up SMSF – the main advantages of Self Managed Super Fund are control, low cost, tax-effective, Investment choice, Estate planning, timing on investment selection and sale, creditor protection.

Disadvantages of setting up SMSF – may be lack of investment expertise in SMSF trustees, Trustees/members of the SMSF may not be motivated to ensure that the fund is run in a way that ensures it meets all the legal requirements, SMSF administration responsibility, Non-compliance risk, Costs.

SMSF administration once SMSF set up is done – The ongoing tax compliance cost varies depending upon the complexity of the fund and investments. It also depends on the type of services you need. If you wish financial advice or investment management, that would be an additional cost.

For more info click here: https://www.superfundwarehouse.com.au/smsf-setup-and-administration/