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Hi, I’m Grant Abbott and I’m chairman of the Australian SMSF Members Association or ASMA for short. I want to talk to you today about how to establish a self-managed super fund. We’re now almost approaching 500,000 self-managed super funds in Australia and many more people are asking us on our website, how do we go about setting up one of these funds? Let me give you the simple details.
The first one and foremost, we need to work out who is going to be the Trustee of our self-managed super fund. All members must be Trustees and we can either act as individual Trustees, or alternatively we can have a company and all the directors will then be members of the superannuation fund. So either have individuals or a company trustee, we establish that first.