Ten steps to self-managed super

MBA Financial StrategistsLatest ArticlesTen steps to self-managed super

Ten steps to self-managed super

It can be hard to know where to start or what’s ahead when you embark on setting up your own self-managed super fund (SMSF). The good news is we can help you every step of the way:

1. Start with financial advice
An SMSF isn’t for everyone so you’ll need to consider your own circumstances and goals before deciding whether an SMSF is right for you. Get some financial advice. Please contact us.

2. Determine your fund’s structure
Will an individual or corporate trustee structure work best for you? If you’re unsure, speak with us or read more about structuring an SMSF.

3. Establish a trust deed
It can be easier than it sounds—AMP’s online services can help you set up your fund’s trust deed in around 15 minutes.

4. Register your SMSF
Every SMSF must be registered with the tax office—you can do it yourself or we can do it for you.

5. Set up your fund’s bank account
You need to set up a bank account for your SMSF and roll your super into it—ask us how.

6. Create an investment strategy
Your fund’s investment strategy must be documented and will then determine how your fund invests money. SMSFs investments generally include a mix of cash, term deposits, shares, managed funds and direct property. We can arrange for someone to help establish the investment strategy for your fund.

7. Protect your members
As part of your investment strategy, you’ll need to consider the insurance needs of each member of your fund. We can help with life insurance, total and permanent disablement and income protection options.

8. Manage your investments
Your fund’s money will need to be managed as stipulated by your SMSF investment strategy—if you need help, we can help you manage your investments.

9. Run your fund
Your SMSF must remain compliant with a range of SMSF rules. We can help take care of the day-to-day running of your fund including managing its compliance, reporting and administrative obligations.

10. Stay up-to-date
It’s easy to keep up with changing rules and regulations when you choose to receive updates from us.

Find out more about all that’s involved in running an SMSF, please contact us on |PHONE|.


Source: AMP 23rd March 2016

Important information

© AMP Life Limited. This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.