There are a number of steps required when setting up an SMSF. The main steps are: 

1. Appoint any service providers you need to help you, for example an accountant or lawyer. (Note that if an accountant recommends the establishment of an SMSF to you, they must be licensed to provide financial advice).
2. Set up your SMSF:
   • Choose a name.
   • Organise a trust deed.
   • Decide who will be members and check that they can act as trustee or director of a corporate trustee.
   • Choose the trustee type (individuals or corporate) and appoint Trustees.
   • Open a bank account or cash management trust (CMT).
3. Register with the ATO (including applying for Australian Business Number (ABN) and Tax File Number (TFN), as well as GST registration (if required).
4. Appoint an external auditor.
5. Transfer existing superannuation funds into the SMSF (if desired). Note, be careful not to close an existing super fund if it has existing insurance attached without considering the implications of potentially losing the insurance cover.
6. Prepare a documented investment strategy and purchase investments.
7. Consider and arrange, where appropriate, any required death and disability insurances.

An SMSF needs to be set up correctly to be eligible for tax concessions and to be able to receive contributions. Due to the complexities of setting up an SMSF, many trustees engage professionals to assist them with the process and make it easier to administer the fund.