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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
- Trustees consent to act
- Letter to new trustees
- Trustees first minutes of meeting
- Member application forms
- Notice to new members
Make sure you and your client are familiar with the legal, financial and tax obligations of an SMSF, and that the SMSF meets all regulatory requirements.
There are some costs involved in setting up a an SMSF. These costs will be included on the invoice for your MYOB billing profile, on generation of the SMSF establishment documents.
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 Client lodgements page displays.
- Click Create an entity.
- Click Prepare form next to Set up a new Self-managed super fund. The Step 1/4: 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 2/4: 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 3/4: 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.
- Check all information is correct and select I/We accept the above terms and conditions.
- Click Create documents.
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