SMSF basics

SMSF basics is a plain-English introduction to the world of DIY super. You can discover easy-to-understand information and popular questions on how self-managed super funds work, such as: how to set up a SMSF, how to run a SMSF, how much a SMSF costs and handy step-by-step SMSF guides. For information on more detailed aspects of SMSFs check out our main DIY Super section.

Set out below are all SuperGuide articles explaining SMSF basics.

SMSF trustee declaration: a quick guide   Super Guide

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.

Oops! Top 10 SMSF boo boos   Super Guide

The ATO has published the top 10 compliance mistakes that SMSF trustees make when running their self-managed super funds.

SMSF investment: Three most popular asset classes, and the rest (updated)   Super Guide

Each quarter the ATO releases self-managed super fund statistics derived from annual return data. Some of the more interesting data outlines the investments that SMSF trustees choose, and how much SMSF money is invested in the different asset types.

Do you fit the latest profile of a ‘typical’ SMSF trustee?    Super Guide

The latest ATO statistics on SMSFs (representing SMSF activity up to the end of March 2014) highlight some interesting observations that can be made about the current batch of SMSF trustees.

Are SMSF audits too expensive? (updated figures)   Super Guide

Q: SMSF auditors and administrators are charging rather high audit fees, perhaps because of the mandatory nature of these audits.

SMSF basics: Can I run two super funds? (2 questions)   Super Guide

Q: My wife is 58 and retired and she has her own SMSF, where she has rolled over her super funds from various employers. She plans to start her SMSF pension soon.

SMSF pension: Can I still make super contributions?   Super Guide

Q: I am 62 years of age and retired. I have recently commenced an account-based pension from my SMSF. Can I still make non-concessional contributions to that fund?

Q: I own a unit as an investment property. I would like to keep this unit as long as possible. The unit is a safe income stream and a safe haven against market uncertainty.

SMSF confidential: the inside story on DIY super funds   Super Guide

The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2011-2012 statistical review of SMSFs (released in late December 2013).

SMSFs surge towards 520,000 controlling $520B in assets   Super Guide

More than half a million self-managed super funds are now in operation, according to the latest statistics released by the Australian Taxation Office.