Congratulations on deciding to take control of your superannuation. Running an SMSF can be very rewarding and is a relatively straight forward process.
Step 1 Decide on your Trustee Structure
Individual vs Corporate Trustee? If you’re not sure on the difference – visit our ‘Facts and Forms’ page on our website for further information.
Step 2 Apply Online
TAMIM super offers NEXT DAY establishment.
We will forward the following documents to you in your ‘Welcome Kit’.
It is vital you read the instructions carefully, and execute each document properly.
TAMIM super is not obligated under our terms and conditions until the execution process is complete.
Making contributions to your fund
Your account opening forms includes the BSB and Account number. You’re free to make a deposit into your new bank account as soon as you receive confirmation your account is active.
If you make any contributions to your fund (other than from your employer), you need to tell us – by emailing firstname.lastname@example.org.
There are many rules governing contributions to your SMSF so please ensure you are familiar with these rules in order to best prevent excess contribution issues.
Please refer to the ‘Facts and Forms’ part of our website for more information around classifying contributions.
Step 6 Administering your fund
TAMIM super’s business is based on automation, so we will start to receive data as soon as your accounts are active.
However, there are some instances where we don’t get notified and it is your responsibility to keep us up to date in such situations so that we maintain updated daily online reporting.
Step 7 TAMIM super Online Reporting
You will receive an email titled ‘Invitation to log in to online reporting system’.
Simply click on the link and subscribe.
Our online reports provide you with a range of vital fund information.
Step 8 Trading Online
We have a panel of online trading platforms that we can work with under our business model. They will automatically send any investment activity to our online software enabling daily online reporting and complete automation.
It is vital that we receive data within a specific format to deliver our service to you, so it’s important to note that not all platforms will qualify.
Step 9 Insurance
Under new legislation, SMSF Trustees need to consider insurance cover for members and evidence the decision. We’ve enclosed it in our investment strategy template to ensure you have evidence held on file.
Step 10 Annual Financial Statements
SMSF's provide Trustees with considerable flexibility and control over their superannuation. It is therefore a legal requirement we prepare a complete set of annual financial statements and income tax returns for each fund, which is provided along with copies of source documents and other vital information to your Fund Auditor.
It is important to note we will prepare our year-end financial statements based on the contribution information you provide us. We recommend you finalise your personal tax returns as early as possibleand verify your contributions with your personal Accountant. If you wish to vary them, you need to email us.
If we do not hear from you and your financial statements are finalised, any late edits will incur re-work fees.