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Investor Education > Superannuation > DIY Superannuation

SELF MANAGED SUPER FUNDS

The popularity of self managed super funds (SMSFs) continues to grow rapidly, with about a million Australians investing around $500 billion (*as at 30 June 2013) of superannuation through DIY funds. Most people who start self managed super funds say that one of the main reasons they do so is to have more control over their super. Others will use an SMSF because it is the only way they can acquire certain assets (eg property) through their super. Others say that it is because the costs are less than others forms of super.

Self managed super funds are also known as DIY super funds. They can have up to four members and are generally established by an individual or a family from their own superannuation savings. Members of the fund must also be trustees, unless a corporate trustee is appointed, and are responsible for the all investment and compliance decisions of the fund, including administration, trusteeship and taxation.

While self managed super funds can be a very good way of looking after your super, it is extremely important that for trustees to understand what they are doing, and if in doubt get some advice and/or assistance. The penalties for getting it wrong and becoming a non complying fund are severe.

 

Learn more: SMSF investor education

Access preferred pricing on the establishment and specialist administration of DIY super funds.

 

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