Is DIY Super right for me?

Before you establish a new DIY Superannuation also called Self-managed super fund(SMSF), you absolutely need to make sure that you understand what you’re taking on. It is important that you need to be aware of the roles and responsibilities of being a DIY Super trustee, and you need to be sure that you are suited to running a SMSF.

You should carefully consider your financial objectives to ensure that a DIY option will help you achieve your goals. Having enough super in your current superfund should also be considered to ensure that DIY is a cost effective option for you. A common figure from ASIC is $200,000, however lower amounts can be considered if combining balances.

Key considerations for DIY Superannuation trustees?

Investment Strategy

  • Trustees must have a written investment strategy  for their fund and consider the following;
  • Circumstances of the fund
  • Establish the investment objectives
  • Consider risk associated with the investments
  • Establish asset allocation
  • Consider the funds liquidity requirements to pay benefits
  • The trustees are required to invest in accordance with their strategy and review this on a regular basis.

Administrative obligations & SMSF (DIY Super)reporting requirements

  • Trustees must sign a trustee declaration
  • Keep records for 10 years
  • Keep funds investments separate from personal investments
  • Prepare and keep accurate accounting and administrative records
  • Lodge the fund income tax and regulatory return to ATO
  • Appoint an auditor – fund must be audited by an approved auditor.

At SuperHelp, we assist trustees with majority of fund administrative obligations and reporting requirements to ensure all legislative requirements are met.

For all of your enquiries, please contact SuperHelp on 1300 736 453.

Book Your Free SMSF Consultation

Book your free consultation with me to find out if SMSF is right for you. If you have any other questions, we are happy to help!

 

Sandra - SMSF Advisor

15 + 5 =

Why is SMSF Set up free at SuperHelp?

SuperHelp have been servicing the SMSF market for over 15 years. We pride ourselves in being able to provide an affordable SMSF service without compromising on quality. One of these services are to provide new members with setting up their SMSF for free when they use our award winning service.

Do I need to use a specific bank, broker or provider?

Unlike other SMSF administrators and accountants we do not restrict you to what bank, broker or service provider you use. We are independent and do not take any commissions from other parties so that our clients can invest their super where they please.

How long has SuperHelp been around for?

SuperHelp have been around since 2002 - so over 15 years! While new SMSF administrators have come and gone, we are still around!

I'm not sure if I want to start an SMSF, what should I do?

Starting an SMSF should not be taken lightly, we encourage you to book a free SMSF consultation with one of our expert staff to find out if SMSF is right for you. You can book a suitable time here or feel free to give us a call on 1300 756 453 during business hours.

How much is your ongoing annual administration fees?

Our first year introductory offer for new SMSF or transferred SMSF are $899 + GST regardless of asset types. Subsequent years are dependent on the number of assets and asset types you have - please use our calculator to estimate your fee. You will find that our fees are very reasonable to the quality provided within the SMSF market.

Do you have an SMSF newsletter that I can sign up to?

Yes! We send out a quarterly SMSF newsletter to all of our clients and anyone interested in SMSF. You can sign up here :

Do you offer any other SMSF services?

Yes we do! You can see a full list of SMSF services on our services page.

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Contact Us

SuperHelp is located in Macquarie Park, NSW however we work with clients all around Australia.

1300 756 453

PO Box 1906 Macquarie Centre NSW 2113

M-F: 9am-5pm, S-S: Closed