Esuperfund Title
Friday 25 April 2014

New SMSF Setup

If you are ready to establish a new SMSF, ESUPERFUND can attend to the all aspects of the setup process for you.  More importantly under our current promotional offer it is absolutely FREE to establish a SMSF with ESUPERFUND.  The process to setup your own SMSF is detailed below.

Step 1:  Complete our online application form

To establish a SMSF you simply need to visit our online application form and submit your application over the internet.  Our online application can be found here.

Timeframe:  You can submit an online application in as little as 5 minutes.

Step 2:  ESUPERFUND mails an "Establishment Package" to you

On submitting your online application to establish an SMSF, ESUPERFUND will mail to you all the required documentation necessary to establish the SMSF.  Importantly the "Establishment Package" documentation is pre-populated with the information provided by you in the online application meaning there is absolutely no requirement by you to complete any documentation.  The "Establishment Package" includes:

Providing the SMSF Trust Deed
Providing documentation to appoint Trustees
Providing Trustee Declarations
Lodgement of an Election for your SMSF to become a Regulated SMSF
ATO Application to obtain a Tax File Number for your SMSF
ATO Application to obtain an Australian Business Number for your SMSF
Sample Investment Strategy that you can adopt for your SMSF or modify if required
Resolutions and minutes to acknowledge the establishment of your SMSF
Application to establish a Bank Account with either ANZ or CBA (see here for more)
Application to establish a Broker Account with either EBROKING or CommSec (see here for more)

Timeframe:  An "Establishment Package" will be mailed to you in 1-2 business days after submitting the online application.

Step 3:  Review the pre-populated "Establishment Package" Documentation

As detailed above, the "Establishment Package" forwarded to you when you submit your online application to establish your SMSF includes ALL the documentation required to establish your SMSF including the SMSF Trust Deed.  We understand that establishing a SMSF is a big decision.  So it is acceptable if you change your mind after applying to establish the SMSF.  In fact when you receive the "Establishment Package" to setup the SMSF, you will have one month to review the documentation including the SMSF Trust Deed and can cancel the application at any time at no cost to you.  Alternatively if you wish to proceed with establishing the SMSF you simply need to sign and return the "Establishment Package".  It could not be easier.  Or fairer!

Timeframe:  You have one month to review the documentation including the SMSF Trust Deed and can cancel the application at any time at no cost to you.

Step 4:  Sign and Return the pre-populated "Establishment Package" Documentation

The "Establishment Package" forwarded to you is broken up into 2 parts.  The first part includes the Trust Deed and all supporting documentation to evidence the establishment of the SMSF.  You must retain this documentation as it evidences the existence of your SMSF.  The second part of the documentation is comprised of application forms that must be signed and returned to our office for processing.  You will also need to provide 100 points of identification (details can be found here).  Once you sign and return the documentation, ESUPERFUND will commence establishing the SMSF for you.  This includes arranging to establish the Transaction Bank Account and Share Trading Account and registering the SMSF with the ATO.  It is important to understand that when you return the "Establishment Package" ESUPERFUND do not require you to agree to sign up for an agreed period of time.  You are free to leave at any time and for any reason.  However if you terminate the services of ESUPERFUND prior to having paid at least one (1) year's annual compliance fee of $699, then a fee of $699 will apply.  If you terminate the services of ESUPERFUND and have paid at least one (1) year's annual compliance fee of $699, then NO fee will apply.

Timeframe:  Once you sign and return the Establishment Documentation it takes approximately 4 weeks to establish your SMSF.  

Step 5:  ESUPERFUND establishes your SMSF Bank Account

Documentation to establish a Compulsory Transaction Bank Account is included with the documentation forwarded to you when you submit your online application to establish a SMSF.  On receipt of the signed application, ESUPERFUND will arrange for the Transaction Bank Account to be established for your SMSF.  By using either the ANZ V2 Plus or Commonwealth Bank Transaction Account as the preferred Transaction Bank Account for our clients, we are able to ensure that our services are provided at a fee significantly below the market.  This is because we are able to electronically access the transactions made by your SMSF in order to attend to the SMSF Annual Compliance requirements.  That is at the end of each financial year, ANZ and the Commonwealth Bank will send to ESUPERFUND an annual data file of all your SMSF Transactions.  No records are required from you each year as we already have access to the data.  It is important to understand that only electronic data files are provided to ESUPERFUND.  We have absolutely no access to your Transaction Bank Account and cannot actually login to your Account to access the required data.  For more on the Transaction Bank Account click here.

Timeframe:  ANZ and the Commonwealth Bank will forward to you directly your Transaction Bank Account details including login and passwords in approximately 1 to 2 weeks from the date you return the signed SMSF documentation to our office.

Step 6:  ESUPERFUND establishes your Compulsory SMSF Share Trading Account

Documentation to establish a Compulsory Share Trading Account is included with the documentation forwarded to you when you submit your online application to establish a SMSF.  Your SMSF must have a Share Trading Account to buy and sell Shares.  ESUPERFUND clients can choose to trade CHESS Sponsored Australian Shares through either the CommSec or EBROKING Trading Platforms.  You will be given a choice of which Trading Platform you prefer as part of the online application process.  For more on the Compulsory Brokers click here.  On receipt of the signed setup documentation, ESUPERFUND will arrange for the Compulsory Share Trading Account to be established for your SMSF

Importantly once your SMSF is established you can add Optional Brokers approved by ESUPERFUND in addition to the Compulsory Broker selected by you when your SMSF is established (i.e. CommSec or EBROKING).  These additional Approved Optional Brokers allow you to expand your trading options to include International Shares (including Non CHESS Sponsored Australian Shares), CFDs, Options, Warrants, Futures and Forex. These additional Approved Optional Brokers are discussed in detail here.

By limiting the Trading Platforms to our Preferred Brokers, ESUPERFUND is able to ensure that our services are provided at a fee significantly below market.  This is because we are able to electronically access the Trading transactions made by your SMSF in order to attend to the SMSF Annual Compliance requirements.  That is at the end of each financial year, your chosen Broker will send to ESUPERFUND an annual data file of all your SMSF Transactions.  No records are required from you each year as we already have access to the data.  It is important to understand that only electronic data files are provided to ESUPERFUND.  We have absolutely no access to your Broker Account and cannot actually login to your Account to access the required data.  For more on the Share Trading Account click here.

Timeframe:  Your chosen Broker will forward to you the CHESS Holding Identification Number (HIN) for your SMSF Share Trading Account in approximately 2 to 3 weeks from the date you return the signed SMSF documentation to our office.  Account and Password details will be sent with the "Final Establishment Package" (see Step 7 for details).

Step 7:  Confirmation of SMSF Establishment

Once your SMSF has been established, ESUPERFUND will mail to you a "Final Establishment Package".  This Package will include:

ATO documentation detailing the ABN Number.
ATO documentation detailing the Tax File Number.
ATO documentation confirming your SMSF is Regulated.
Share Trading details including the Share Trading Account Number.
Prepopulated Rollover Forms to Rollover your existing Super Benefit to your SMSF.
An Employee Standard Choice Form to enable your SMSF to receive Employer Super Contributions.

Timeframe:  The "Final Establishment Package" with all the SMSF Setup details is mailed to you in approximately 4 weeks from the date you return the signed SMSF documentation to our office.

Step 8:  Rollover of your Existing Super Benefit to your SMSF Bank Account

Once your SMSF has been established you can apply to your current Superfund to transfer your existing Super Benefit to your new SMSF.  You cannot apply to Rollover your existing Super Benefit until ESUPERFUND has mailed to you the "Final Establishment Package" which will include all your SMSF setup details including the ABN.  The Rollover process to do this is detailed here.

Timeframe:  On applying to Rollover your Super Benefit your existing Superfund is legally obliged to transfer your Super Benefit to your SMSF within 28 days from your application date to them.  This can happen sooner depending on the efficiency of your current Superfund.

Step 9:  Invest your Super

Once you have rolled over your Super Benefit, you can begin investing.  For details on the Investments Allowed under the ESUPERFUND Platform click here.

Timeframe:  You can expect to begin investing your current Super Benefit in approximately 5-8 weeks after applying to establish a SMSF with ESUPERFUND.