Ten Steps towards 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 AMP 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. If you don’t have a financial adviser, AMP can help you find one.

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 AMP 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. AMP 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 arrange for an adviser to help you manage your investments.

10. Run your fund
    Your SMSF must remain compliant with a range of SMSF rules. AMP can help take care of the day-to-day running of your fund including managing its compliance, reporting and administrative obligations.
11. Stay up-to-date
    It’s easy to keep up with changing rules and regulations when you choose to receive updates from AMP.

Note: SMSFs are not appropriate for all investors due to the time, cost and responsibility involved in managing and SMSF and because they are not cost competitive for lower account balances.

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