Setting up SMSF may take 4 to 6 weeks because the process needs to be carefully thought of and planned. See below for an overview of the whole process.
Assessing your current financial status with the help of a licensed adviser. This step allows you to determine if SMSF is the right financial decision for you. It will also help you decide on the investment and insurance strategies for your fund.
Preparing and signing a Statement of Advice (SOA). After agreeing on a strategy for your SMSF, your financial adviser will prepare a Statement of Advice (SOA), which will serve as official documentation. Signing it will officially commence the setup of your fund. A SOA outlines the following details about your SMSF: Investment strategy including, risks and returns, payment obligations, liquidity requirements, investment diversification. Type of insurance and coverages.
Setting up your SMSF. You need to name your fund and nominate a trustee. The latter is usually a company you create and register an ABN, ACN, and ASIC for. Note that your fund should also be registered with a TFN with the ATO.
Setting up a bank account for your super fund. Most banks do not have an account keeping fee for SMSFs, but do check to be sure. You will also use your bank account to rollover super from your other funds. Most banks also provide immediate online access to new accounts. Still, place a request to be sure. It shouldn't take more than a day.
Starting your investment. Once all setups are done, including a broking account, you can start investing in managed funds, shares, properties, or term deposits.