03 Oct 2022

How Do I Get a SMSF?


Self-managed super funds allow members to take control of their finances and financially prepare for retirement plans. SMSF are great options for individuals looking to boost their independent wealth and increase their retirement savings through making investments into specific assets that generate a returned income. 

There are multiple steps an individual must properly complete before successfully opening an SMSF. However, creating SMSF can be extremely difficult for non-professionals and if not done properly can result in the members facing severe financial and legal troubles because of their sole responsibility for the fund. For this reason, it is highly recommended to seek professional guidance prior to opening an SMSF on your own. 

Before deciding to create an SMSF, you should first decide if you have enough funds available for the SMSF to be cost-effective, which costs around $250,000. A professional lending specialist or mortgage broker will be able to provide financial advice and assistance on the funds required to open a successful self-managed superannuation fund. 

The following steps must be completed to successfully create an SMSF:

  • Create and establish a trust
  • Acquire the trust deed from a professional
  • Sign the required declaration form
  • Register the SMSF to be regulated by the Australian Taxation Office
  • Create a cash account for SMSF contributions and investment profits

The Mortgage House professional lending specialists are prepared to successfully assist potential SMSF owners through the set-up, registration, loan, and investment processes. Reach out to us today for specialized advice and assistance.

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