What Does Setting up an SMSF take?

So, you’ve decided to take control of your super and set up a Self-Managed Super Fund (SMSF). You’ve done your research, crunched the numbers, and now it’s time to put that plan into action. But where do you start?

At Andromedae, we know that setting up an SMSF can feel like a lot—there are forms to fill out, accounts to open, and rules to follow. It’s not just about getting it right; it’s about making the process as smooth and stress-free as possible. That’s where we come in.

We handle the entire setup for you, making sure everything is structured correctly and fully compliant from day one. Our process is designed to be simple, efficient, and hassle-free, so you can focus on what really matters—building your financial future.

In this guide, we’ll walk you through exactly what happens when you set up an SMSF with us, step by step, so you know what to expect along the way.

Let’s dive in.

Step 1: Getting Started – The Paperwork Made Simple

Once you’ve decided to set up your SMSF, the first step is getting the paperwork in order. We know forms and admin aren’t the most exciting part of the process, so we’ve made it as quick and easy as possible.

What You’ll Need to Do

At this stage, we’ll ask you to provide:

✅ Some basic personal details

✅ Identification documents

✅ Your latest superannuation statements

✅ Your rollover request

✅ A Director’s ID (if required) – don’t worry, we’ll guide you through this

If anything’s missing or needs clarification, we’ll let you know straight away and help you sort it out. Our goal is to keep things moving smoothly so there are no unnecessary delays.

What Happens on Our End

Behind the scenes, our team gets to work:

🔹 We review your documents and make sure everything is in place.

🔹 If we’re setting up your SMSF to purchase property, we take extra steps to ensure it’s structured correctly.

🔹 We get your SMSF registration underway, including applying for an Australian Business Number (ABN).

This part of the process happens quickly—often on the same day we receive your documents. The faster we get everything in to the ATO & ASIC, the sooner your SMSF will be ready to go.

Step 2: Setting Up Your SMSF Bank Account & Rolling Over Your Super

With your SMSF officially registered, it’s time to set up the financial side of things. This step is all about getting your SMSF bank account ready and rolling over your super from your existing fund into your new one. The SMSF Bank account is like the new home of your super, so we want to make sure you can access it and it's set up compliantly.

What You’ll Need to Do

At this stage, we’ll guide you through:

✅ Opening a dedicated SMSF bank account (don’t worry, we’ll give you the compliant options)

✅ Finalising nay oustanding requirements fo ryour rollover request through the ATO's Super Stream System

That’s it! We keep things simple so you’re not stuck navigating endless forms or confusing banking requirements.

What Happens on Our End

While you’re sorting the bank account details, we’re working behind the scenes to:

🔹 Ensure your fund is set up in compliance with the ATO’s requirements🔹 Prepare and submit your rollover requests

🔹 Add your SMSF to our administration platform (so everything stays organised and easy to track)

🔹 Send off the Rollover Request to your Retail Fund along with supporting documents they need

Once the rollover request is lodged, we monitor its progress and keep you updated. Some funds process rollovers quickly, while others can take a little longer. If there are any delays, we'll ask you to follow-up to keep things moving.

Step 4: Completing the Rollover & Getting Your SMSF Ready to Go

By this stage, your SMSF is nearly set up—your fund has been registered, your bank account is open, and your super is in the process of rolling over. Now, it’s time to finalize everything and get your SMSF fully operational.

What You’ll Need to Do

At this point, your main tasks will be:

✅ Letting us know if your current super fund requires any additional verification before releasing your funds

✅ Making sure you can access your SMSF bank account and downloaded the security apps to ensure you've got your account secure

✅ Reviewing and signing any final documents needed for compliance

We’ll keep you updated along the way, so you always know what’s happening.

What Happens on Our End

While we wait for your super to land in your SMSF bank account, we:

🔹 Track the rollover status and keep an eye on any rejection or successful notifications through the Super Stream system.

🔹 Ensure any partial rollovers (if applicable) are processed correctly

🔹 Upload your SMSF trust deed and other key documents for record-keeping

Once the funds have cleared, your SMSF is officially ready for action! At this point, you can start making your investment decisions and payments, whether that’s purchasing property, investing in trusts, or another strategy that suits your financial goals.

From here, we’ll shift gears to ongoing SMSF management—ensuring your fund stays compliant, tax-efficient, and working for you.

Step 5: Managing Your SMSF – What Happens Next?

Your SMSF is now fully set up, your super is in your new fund, and you’re ready to take control of your investments. But what happens next?

Owning an SMSF isn’t just about setting it up—it’s about managing it properly so it stays compliant, tax-efficient, and working toward your financial goals. That’s where Andromedae is different.

We’re not just a setup service—we’re your personal assistant for your SMSF. We answer your calls, respond to emails (usually within a business day), and make sure you’re never left wondering what to do next. Unlike other providers who leave you to figure it out on your own, we’re here to support you every step of the way.

What You’ll Need to Do

Now that your SMSF is active, your key responsibilities will include:

✅ Making investment decisions in line with your fund’s strategy

✅ Keeping your SMSF compliant with ATO rules

✅ Ensuring contributions and withdrawals are done correctly

✅ Keeping every piece of paper that goes with a transaction in your bank account

That seems like a lot - and even though you’re in control of your super, you’re never alone—Andromedae is always here to guide you. We can't give you financial advice, but we can assist with compliance, taxation and administration.

What Happens on Our End

We take care of everything that keeps your SMSF running smoothly:

🔹 Managing ongoing administration, tax, and compliance obligations

🔹 Providing real-time reporting through our SMSF platform

🔹 Preparing your fund for its annual audit (so there are no surprises)

🔹 Answering your questions—quickly!  Whether it’s a call, email, or quick check-in, you won’t be left waiting days for a response

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Staying on Top of SMSF Compliance

One of the most important parts of running an SMSF is making sure it meets ATO requirements. This includes:

✔️ Lodging annual tax returns and financial reports

✔️ Keeping detailed records of investments and transactions

✔️ Conducting an independent audit each year

With Andromedae, you don’t have to stress about these details. We stay ahead of deadlines, remind you of what’s needed, and handle the paperwork—so you can focus on growing your super.

The Andromedae Difference – Your SMSF, Fully Supported

At Andromedae, we go beyond just setting up your SMSF. We make sure you always have the support, clarity, and guidance you need—without the long wait times or frustrating back-and-forth.

✅ Got a question? We’ll answer it—no automated responses or support tickets.

✅ Need help with an ATO request? We’ll walk you through it.

✅ Not sure what to do next? We’ll make sure you’re on track.

Think of us as your PA for your SMSF—here to keep things running smoothly while you stay in control.