Getting the Foundations Right
Before you set up a fund you need to make sure you get the foundations right, this means making sure you have got all the right compliances documents, you have completed investment strategy, and you understand what you are going to invest in, how you are going to invest in it and how your bank accounts are setup.
The reason why this is so important is because once it is all setup one it is quite hard and complex to change later on and it becomes quite an administrative burden on whoever is managing the fund.
For the compliance part you need make sure you have a trust deed and investment strategy that is correct and relevant to your personal situation.
For the bank accounts, you need to ensure that the name of the bank account is the trustee of the Self-Managed Superannuation Fund – Whether it be an individual or corporate fund.
The same applies for investments whether you are setting up a broking account, a cash management account or even a Wrap account. You need to ensure you get the name of the owner correct as changing it later on can have tax consequences and the costs of changing it from an accounts point of view.