Chapter 2: SMSF pre-setup checklist
Getting the structure of your self managed fund right is vital. You will need to be sure you can work with the other members, can fulfil your responsibilities as a trustee and know the kind of professional assistance you will need.
By working through the following seven steps (summarised in the checklist at the end of the chapter) you will be able to address the essentials necessary to get your SMSF in the best possible shape from the start.
Step 1: identify the members of your SMSF
If you establish an SMSF, you will effectively wear two hats — as a trustee and as a member.
It’s important to clarify the difference between trustees and members. Trustees are responsible for running the SMSF and holding assets ...