Luke on 2CC – How to set up a Self Managed Super Fund – Part 1

What should you know before setting up a SMSF?


Luke Smith joined 2CC Talking Canberra 1206AM.
Financial Adviser, Luke Smith, Financial Planner CanberraThe Money Show aired on Friday 13 March 2020.

In this episode Financial Planner Luke Smith joins Leon from 2CC take a closer look at self managed super funds and specifically how to set one up. It’s been a popular topic with radio and podcast listeners so Luke’s going to take a closer look. They start the show though by talking about the continued volatility of the share market. On Friday at the time of the show, Australian Shares had bounced back following a Government announcement about Covid-19. Clearly volatility is going to continue and Luke warns about the dangers of emotional decision making during times of volatility. 

Key highlights include:

  • Where do you start setting up a SMSF?
  • The importance of understanding your ‘Why’ before you begin?
  • Do you have a corporate trustee or joint partnership of a self managed super fund
  • Pick a name for your fund, self managed super funds names are not registered, however the corporate trustee is a registered name if you use one. There’s often a role for a solicitor here.
  • Creating the deed, it’s the rule book for how your self managed fund will work.
  •  New binding death nominations for your fund, what are they and what do they do?
  •  Tax file numbers and ABN – they’re also required
  •  You’ll also need a bank account for the fund
  •  Rolling over and contribution issues to consider
  •  You’ll also have a legal requirement to create an investment strategy
  •  There’s also responsibilities as a trustee that you should be aware of
  •  You’ll also need to open a trading account, if you intend buying and selling shares
  •  You’ll also need an accountant to help you meet your ongoing accounting SMSF obligations and Luke shares some tips on finding the right accountant.

Listen to the Podcast right now


Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

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Would you like to talk about setting up a self managed super fund or managing one?

Make an appointment to catch up with Luke at his office over a cup of tea or coffee.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your superannuation plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.

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