SMSF Establishment

It is no surprise that self managed superannuation (SMSF) is the fastest growing superannuation sector in Australia. No other retirement savings solution offers the combination of flexible investment options, full account management control and attractive tax concessions. Read on for some general information on SMSF establishment.


First you need to decide if a self managed super fund is the right move for you. We recommend answering these key SMSF setup questions, seeking professional advice and researching your options carefully before taking any action.

Once you have decided to proceed there are a few mandatory things you need to do. These include setting up a Trust, appointing Trustees and preparing your Trust Deed. The latter will confirm the details of your Trustees, their powers, along with various conditions governing matters such as contributions and benefit payments.

Various forms need to be lodged with the Australian Taxation Office (ATO) to apply for a tax file number (TFN) and an Australian Business Number (ABN) for your fund. You’ll need to open a dedicated bank account and also prepare an investment strategy to ensure you have a sustainable plan for managing the money in your fund.

If you require assistance with any of the above you can get help by connecting with a qualified service provider in the Mclowd Marketplace.

Running Your SMSF

Managing an SMSF involves various administration and compliance responsibilities. For example, you need to run the fund according to your investment strategy, handle all contributions and withdrawals in line with the sole purpose test, as well as complying with the various taxation laws.

Mclowd provides a free version of its SMSF software, allowing Trustees to track and report on all areas of their fund. You need only pay if you:

  • Require access to premium features
  • Purchase third party services (via the software or the Marketplace).