Self-managed super
Self-managed superannuation, often called 'Do-it-yourself' super, may also be shortened to DIY, SMSF, or SMS.
Is self managed super right for you?
New Super Guide: The Australian Taxation Office and ASIC have published a guide on self-managed superannuation. If you are considering starting up a self-managed super fund, this guide will take you through six steps to determine if such a fund is right for you. Download a copy of Thinking about self-managed super.
Warning lights flash over 'do it yourself' super
DIY pitfalls can prove very expensive
Self managed super funds - what if things go wrong?
Changing funds instead of going to a DIY scheme
Do you really need to change funds?
DIY super: Do you have a sound investment strategy?
If you are thinking of leaving your fund to get better returns from your own DIY fund, make sure you know how you'll achieve this by developing a sound investment strategy.
Make sure your accountant is licensed to give you advice about setting up a self-managed super fund
Accountants who do not have an Australian financial services licence are only allowed to advise you on the establishment, operation, structuring and valuation of an SMSF, not about investment strategy or whether you should switch your superannuation savings to one.
In our media release of 16 May 2005, we warn accountants that we will take enforcement action where they give misleading advice about SMSFs.
DIY super: Administering your fund
The term ‘do-it-yourself super’ is possibly a misleading label. Managing your home is easy compared with managing your superannuation money, with its detailed taxation, trustee and other legal rules. Administering a SMSF
Warning about early access to superannuation
| '...Our experience also shows that funds with low asset values are sometimes used for [illegal] early access.' |
What does this quote from an ATO booklet mean about [illegal] early access to superannuation?
A superannuation dream betrayed
Kim, aged 25, has a dream of travelling the world. 'To achieve this, I've got to work hard and save hard. I'd been making huge personal contributions to my superannuation as I believed that this was the most secure and effective way of getting enough to retire early and travel,' Kim said.
But read what happened after Kim acted on an advertisement that said people could take control of their superannuation. |
Lots more information about superannuation from our popular Super decisions booklet
FIDO Website: Printed 03/22/2010
