How It Works

Establishing a new fund - How it Works
Step 1: Decide whether the members of the funds will act as the trustee or whether you wish to establish a company to act as the trustee for the fund, with all the members as directors of the company.

Step 2: Download and print the application form and fax, scan or mail it to us.

Step 3: On receiving your application form DIY Superannuation Solutions will establish your fund and lodge your application with the Australian Taxation Office.

Within 2-3 business days you will receive all the funds documentation such as the Trust Deed, Product Disclosure Statement, investment strategy, meeting minutes and resolutions. All documentation must be signed and returned to our office.

Step 4: Open a bank account
You will need to open a bank account as soon as you receive your ABN and TFN.

We recommend you use your bank account as your Fund’s “HUB”. Trustees need to take their administration responsibilities seriously and leaving a good audit trail will help you fulfill these responsibilities. Ensuring all transactions pass through this account will make this job much easier. This includes placing and redeeming investments, contributions, withdrawals, dividend payments, interest payments, managed fund distributions as well as paying for tax and administrative expenses.

Step 5: Rollover you existing superannuation
Complete a rollover form to transfer funds from your existing superannuation funds into your new self managed super fund. You will need to send your existing fund a complying certification from your new self managed super fund. You can download your Fund’s Compliance Notice from the ATO Website once your Fund has received its ABN. Simply visit the link below, type in the Funds' ABN and click the link that says "Complying Status"
http://www.abr.business.gov.au/(k1rhsv55ygo5nkiybab3fqrn)/main.aspx.

Step 6: Place investments

Step 1: Download and complete the application form and return to us with all the required documentation.

Premium Portfolio Administration Service

Step 2: We will contact you on receipt of your application form to discuss your investments and implementation plan.

Step 3: Provide us with authority to receive daily data feeds on your investment and cash accounts. In some cases we may need to receive a csv file to upload the information. We will send you the required forms after we know your investments.

Step 4: Complete a direct debit authority so we can receive our fee every month from your funds transaction account. We will send you the required form after we know which bank you use.

Step 5: You will receive a user name and password to log on and view your portfolio on-line. We will provide you with assistance.

Step 6: In July we will send you a checklist to determine if we have all the information about the investments of the fund. Where applicable, we will request certain information to be provided to finalise your funds annual returns. In most cases no information will need to be provided as we would have received the information electronically.

Step 7: We complete your annual financial statements, regulatory return, member statements, tax return, audit certification and where necessary obtain an actuary certificate. These documents are then sent to the Trustees for review and signing.

Step 8: Once all the documents are signed, you return them to us for lodgment with the ATO.

Step 9: Any correspondence received from the ATO including Business Activity Statements or Instalment Activity Statement will be received and actioned by us and sent to you for review and signing before being submitted to the ATO.

Step 10: Should you need to commence a pension or make a lump sum withdrawal, simply complete the relevant form and return it to us by fax, e-mail or post. We will then complete the minutes and attend to all the documentation.

It is an important Trustee duty to maintain all the relevant fund records and documentation. This includes rollover statements, share contract notes, dividend statements, managed fund statements, and bank statements. All these documents are needed to prepare the annual returns. These documents should be kept in your fund's register.

Step 1: Download and complete the application form and return to us with all the required documentation.

Annual Accounting, Tax & Audit Service

Step 2: We complete your annual financial statements, regulatory return, member statements, tax return, audit certification and where necessary obtain an actuary certificate. These documents are then sent to the Trustees for review and signing.

Step 3: Once all the documents are signed, you return them to us for lodgment with the ATO.

Step 4: Each July we will provide you with an annual checklist of documents to be provided to complete your annual financial statement, tax return and audit.

It is an important Trustee duty to maintain all the relevant fund records and documentation. This includes rollover statements, share contract notes, dividend statements, managed fund statements, and bank statements. All these documents are needed to prepare the annual returns. These documents should be kept in your fund's register.