What is a SMSF or a Self Managed Super Fund and what is the process of setting it up?
So, an SMSF stands for Self Managed Superfund. So it's a private trust, a trust structure, private Self Managed Superfund that we set up and it allows the member to have full control over the investments.
So rather than having your super in a managed fund where they control your investments having it through this trust structure allows you to manage all of that. So the process of setting up a Self Managed Super Fund, initially I grab all of your details, you choose a name for your SMSF. I will prepare all of the establishment documents I set up a corporate trustee and we do an ABN so it's a separate legal entity.
We also set up a bank account for the SMSF , which is done through Macquarie Bank, so everything goes through that. And then once the bank account is all set up, we start the rollover process. So that's a matter of getting the cash out of the current fund its with into the SMSF