The setting up of a self managed super fund should be done by a professional, as the rules are quite arduous. In broad terms, the following steps must be taken. Of coarse, each step has a number of implications that your professional advisor can help you with, but here they are:

1. Drafting of the trust deed or governing rules.
2. Obtaining from the trustees their consent to act as trustees of the fund and declarations that they are not “disqualified persons”
3. Obtaining from trustees (if appointed after 30 June 2007) a declaration that they understand their duties as the trustee of the SMSF
4. Obtaining applications for membership of the fund, including member details and Tax File Numbers.
5. Holding the first meeting of trustees
6. Electing to be a regulated superannuation fund under the SISA
7. Applying for a TFN and ABN for the fund
8. Opening a bank account in the name of the fund

Ultimately, it is the trustees who have to action these items, but it is a good idea to do so under the guidance of a professional. To find out the cost of setting up a new fund, see our SMSF Fees section.