Question 1

What is an SMSF?

Accepted Answer

A Self-Managed Super Fund (SMSF) is a private superannuation fund that you manage yourself, regulated by the ATO.

An SMSF can have up to 6 members, who are also the trustees — or directors of the corporate trustee.

Question 2

How long does it take to set up an SMSF?

Accepted Answer

Most funds we set up are operational within days.

Timing depends on receiving complete information from each member and verified proof of identity.

Question 3

Should I use individual trustees or a corporate trustee?

Accepted Answer

A corporate trustee structure is generally recommended for asset protection, simpler member changes, and a clear separation between fund and personal assets.

Individual trustees can still be appropriate in some situations — typically where setup cost is the primary concern.

Question 4

How many members can an SMSF have?

Accepted Answer

An SMSF can have up to 6 members.

All members must be trustees (or directors of the corporate trustee), with limited exceptions for single-member funds and minors.

Question 5

Who audits my SMSF?

Accepted Answer

Your SMSF is audited annually by an independent, ASIC-registered auditor, as required by the ATO.

We coordinate the entire process for you, and the audit fee is included in our annual administration fee.

Question 6

Do you provide financial advice?

Accepted Answer

No. easySMSF provides administration services only and does not provide financial product advice.

Information on this site is general in nature and does not take your personal circumstances into account.

Question 7

Who pays SMSF setup costs?

Accepted Answer

The fee to set up an SMSF is normally paid upfront by the members.

Once the SMSF is established and its bank account is open with funds received from contributions or rollovers, the member can be reimbursed for the setup costs from the SMSF.

If the setup cost is not reimbursed, it can instead be recorded in the SMSF accounts as a personal contribution — and the member may technically be able to claim a personal tax deduction for that contribution.

easySMSF does not enable you to set up an SMSF without paying the upfront establishment fee. Most members pay by credit card and then reimburse themselves within 2–3 weeks once the SMSF receives the transfer of their existing super.

Frequently asked questions