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https://help.myob.com/wiki/x/O4dqAg
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It's easy to set up new self-managed super funds (SMSF) for your clients in Corporate Admin.
All you need to do is answer a few easy questions, pick your trustees and members, and you're just about done!
We use the information you enter to provide you with pre-filled electronic copies of all the documents you need to set up the fund, including:
- A superannuation fund trust deed
- Trustee consent forms
- Letter to new trustees
- Trustees first minutes of meeting
- Member application forms
- Notice to new members
You'll also have the opportunity to apply for an ABN, TFN and register for GST in the same process.
There are some registration costs involved in establishing an SMSF, so make sure the fund meets all regulatory requirements before you generate these documents in Corporate Admin. These costs will be added to the monthly or quarterinvoice for the billing profile
These costs will be billed to you directly on generation of the for the billing profile selected in your Corporate Admin settings. It's up to you to recuperate this cost from your client.
Make sure you and your client are familiar with the legal, financial and tax requirements of an SMSF. If you're not sure, check the ATO website for information on establishing a fund.
Trustees and members
To make the set up process as easy and seamless as possible in Corporate Admin, make sure the fund's trustees and fund members meet the following requirements:
Single-member funds
| Trustee type | Requirements |
|---|---|
| Individual trustees |
|
| Corporate trustees |
|
Multiple-member funds
| Trustee type | Requirements |
|---|---|
| Individual trustees |
|
| Corporate trustees |
|
- In MYOB Practice, click Corporate Admin in the top menu bar. The Customer Lodgements page displays.
- Click Create an entity.
- Click Prepareform next to Set up a new Self-managed super fund. The Step 1/5: SMSF details page displays.
Enter the following information in the relevant fields:
Field Description Date of creation This field defaults to today's date. To change the date, click the calendar icon and choose a new date. Proposed SMSF name (do not include ATF elements) Enter the name of the self-managed super fund. Don't include any "ATF" or "as trustee for" elements. For example if the 'Smurf Managed Super fund' is the trustee for 'The Smurf Family Trust', just enter "Smurf Managed Super fund" in this field. State of registration Select the State the super fund will be registered in. MYOB client code (optional) Enter a client code (Optional). This comes in handy when you have clients with similar or identical names. You can search for a client by name or code in most lists. For example, if you have two clients named Mark Webber, you can assign them unique codes, such as MW1 and MW2 to distinguish them. Business address Enter the business address for the fund. Click Next step. Step 2/5: Add trustees displays.
- Click + Add Trustee and type the trustee's name in the Search for new trustee field. As you type, a list of contacts appears.
Click the contact's name to add them as a trustee. If you need to create a new contact, click + Create new contact and fill in their details.
You must have at least 2 individual trustees, up to a maximum of 4, or 1 corporate trustee.
- Click Next step. Step 3/5: Add members displays.
Click + Add member and select the trustees you want to add as a member.
You must have at least 1 member, up to a maximum of 4 members. Directors of a corporate trustee must also be members.
- Click Next step. Step 4/5: SMSF registrations displays.
- Select the registrations you want to apply for and fill in their form details:
- Australian business number (ABN) and Tax file number (TFN)
- Goods and services tax (GST).
- Click Next step.
- Check all information is correct and select I/We accept the above terms and conditions.
- Click Create documents.
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