I can help you being a new user of E Super.Basically they send...

I can help you being a new user of E Super.

Basically they send you a document pack for your signature.

You need to appoint a trustee which does not need to be a corporate so no dealings with ASIC but get advice if you think required as a corporate does not die. Humans do. You also need to decide the name of your fund.

You need to send part of the package back to them whereupon they will get the ABN process going with the ATO, they will open an ANZ account in the superfund’s name plus your choice of either E Trade or Commsec and notify you once done.

Now sit up and take notice because here is the important part.

You need to treat the ANZ account as the hub for all activity. All your contributions go into that account (including your rollover from an existing fund) and you MUST trade from that account.

I use Comsec so when I buy shares Comsec direct debits me at that ANZ account to cover it. When you first start Comsec limits its Buys and Sells exposure to you with a few rules until your portfolio is a certain size compared to your Buys and Sells.

If you sell shares the proceeds go back to that ANZ account.

If you set up a term deposit with another bank the capital you deposit must come out of your ANZ account and when you close the deposit it must come DIRECTLY back to that ANZ account.

Example : If I sell shares at Comsec the proceeds must first come back to the ANZ account. I can then TT that money over to my Westpac term deposit. You must not instruct Commsec to send it directly to your Westpac account.

I hope you have the picture.

All in all it takes around 2 months to set up your SMSF

And at the end of each year they send you a check list to complete for info they are unsure of.

Hope that helps