DIY super is for Australians running self-managed super funds, covering the current issues facing SMSF trustees, setting up a SMSF, how to run a SMSF, investing your DIY superannuation money, getting SMSF advice, and special SMSF rules such as investing in property.
Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60 not working) and transition to pension phase (myself aged 57 and still working part time)? If an accountant has to do it, what costs could be involved? Your site has been [...]
Q: I recently read your book on DIY Super for Dummies and picked up a number of useful hints. Thanks for writing it. My wife and I have only recently established a SMSF and are on a steep learning curve. However there is one question which, to date, I have [...]
Q: I have my own super fund and when it came to the end of the year I was supposed to withdraw $6,544. I only withdrew $6000 and can catch up this year. Is this a reportable breach to the Tax Office?
For the benefit of other SuperGuide readers, I’ll first explain [...]
The self-managed super fund (SMSF) sector is “in pretty good shape” according to Jeremy Cooper, chair of the Super System Review.
Speaking at a SMSF industry (SPAA) conference on 18 February 2010, Cooper stated that, on average, SMSFs have become cheaper to run as SMSF account balances have grown, while still maintaining [...]
Q: I came across your website which looks excellent (courtesy of your feature on Sky Business). I am about to set-up my SMSF but I am not sure who to handle this for me. Some online providers are reasonably priced but I am concerned about access and professionalism as they are [...]
Q: Could you lead me to a link where I could find a generic S290-170 notice of intent to deduct? It would be great to have a generic list of forms that would assist self-managed super fund (SMSF) trustees.
Trish’s response: You can download the ‘Notice of intent to claim or vary a [...]
On 10 December 2009, the Government’s Super System Review released ‘A statistical summary of self-managed superannuation funds’. Although mainly based on data as at June 2008, the document provides interesting insights into what the ‘average’ SMSF is doing in terms of fund costs, asset allocation and investment performance.
SMSFs are cheaper [...]
Note: Every three months or so, we update this article with the latest data on self-managed superannuation funds issued by the Australian Taxation Office. This article contains the latest data available as at 10 December 2009. The most significant trend is that the typical new SMSF trustee is becoming younger. [...]
If you read the business section of the newspapers recently, or keep track of the financial news on the television, you may have heard about the push by a few industry groups within the superannuation sector to tighten the entry requirements for self-managed super funds (SMSFs) because of the incidence of [...]
Q: Did the Self Managed Superannuation Members Association (SMSMA) ever get off the ground. I noticed it mentioned in one of Trish’s books and would be keen to find out more if it exists.
Trish’s response: Alas, the SMSMA disbanded: I heard that the SMSMA didn’t get sufficient numbers of SMSF [...]
Q: My wife and I purchased a licensed post office and freehold in 1995 from Australia Post. In addition to the licence, we acquired one title with one building (part is leased to a commercial tenant and part we use to run the post office) a freestanding shop was added in [...]
When setting up your SMSF, you must sign a SMSF trustee declaration that confirms you understand the responsibilities and duties involved in running a SMSF.
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more
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