New SMSF Establishment Process

The following is the typical process an adviser would follow when establishing a new SMSF via Superfund Wholesale:

1. Collect all necessary information from the clients that will be required to complete the SMSF Establishment Form on our website

 

  • You can use this form (word doc) to ensure you have the required information – SMSF Establishment client questionnaire
  • Most information about the client you will have on file already
  • Please note that the questionnaire cannot be submitted to us – it’s designed to ensure you have all relevant information from the client

2. Determine payment method.  Superfund Wholesale must either have a Direct Debit authority on file for the payment of the establishments, or we will require credit card details before ordering the new SMSF.  If necessary obtain upfront payment from the client on acceptance of the SoA proposals.

3. Have a member of your team (typically a support person) submit the SMSF Establishment Form on our website

4. Superfund Wholesale will process the establishment within our typical service period (processed within 1 business day).  ABN / TFN for the SMSF will also be applied for at this time.

5. Documents will be sent to the adviser either electronically or hard copies delivered (depending on preference selected during establishment form).

6. You will also provide the client with a Service Agreement for ongoing SMSF administration services.  This will be generated by Superfund Wholesale based on agreed preferences for ongoing billing.

7. Client will execute necessary documents relating to the establishment and ongoing administration of the fund.  You can use this opportunity to have the client sign the following as part of the implementation process:

  • SMSF establishment documents
  • SMSF admin service agreement
  • New account opening forms
  • Third party authority forms (if not driven at an adviser level)
  • Rollover forms (pending issue of ABN)

8. Client to be provided with copies of the following:

  • Trust deed
  • SMSF PDS
  • Self-managed super fund trustee declaration - https://superfundwholesale.box.com/ATOTrusteeDeclaration
    • It’s very important that the clients are aware that the ATO may contact them and quiz them about running an SMSF.  Any questions they ask will be based on the ATO Trustee Declaration form.

9. Adviser / support person to upload signed documents to our ‘Client Files’ document management area (or send via email).

10. Superfund Wholesale will provide details of the ABN for the fund once received.

 

You can find some template data collection forms for new SMSF, LRBA and fixed unit trust establishment here: 

https://superfundwholesale.box.com/ClientForms

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.
Powered by Zendesk