Nearly 800,000 Australians run more than 400,000 DIY super funds controlling a third of the country’s superannuation assets. A DIY super fund, officially called a self-managed super fund, can have no more than four fund members, and typically has two fund members.
When investment markets fall dramatically, Australian investors often take a greater interest in the DIY super structure. During the 2008 calendar year, on average, more than 600 new DIY funds were being set up every week.
In response to this explosive growth in demand for SMSFs, the Australian Tax Office has released four publications covering different stages of a DIY super fund to assist budding SMSF trustees.
The publications are designed to help SMSF trustees understand their responsibilities. The publications are listed below:
- ‘Thinking about self-managed super’ (NAT 72579)
- ‘Setting up a self-managed super fund’ (NAT 71923)
- ‘Running a self-managed super fund’ (NAT 11032)
- ‘Winding up a self-managed super fund’ (NAT 8107)
The ATO also issues a newsletter for SMSF trustees called SMSF News. You can subscribe to the newsletter via the ATO super site.