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 other handy step-by-step SMSF guides.

For information on more detailed aspects of SMSFs check out our main SMSFs section.

Set out below are all SuperGuide articles explaining SMSF basics.

SMSFs outperform large funds over 8 years, just

Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the latest SMSF performance data available from the ATO, as at January 2016. The ATO will provide updated performance data (for year ending 30 June 2015) in late 2016.A common argument put forward … [Read more...]

Oops! Top 10 SMSF boo-boos for 2015 financial year

Note: Every year, the ATO publishes the top compliance mistakes made by SMSF trustees. This article contains data up to 30 June 2015 (latest available as at January 2016). The next update, for compliance data up to 30 June 2016, will be available in late 2016.The ATO has published the top 10 … [Read more...]

SMSF confidential: the inside story on DIY super funds

Note: The ATO publishes an annual report about SMSFs for each financial year. This article covers the ATO’s 2013-2014 statistical review of SMSFs (released in December 2015). This report also contains data for the 2014-2015 year. The annual report for the 2014-2015 year will be available in late … [Read more...]

Are SMSF audits too expensive?

Note: Every year, the ATO publishes the average audit fees incurred by SMSFs. This article contains data for financial year ending 30 June 2014 (latest available as at January 2016). We have retained all comments from earlier versions of article. The next update, for compliance data up to 30 June … [Read more...]

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

1. Running two DIY super funds Q: My wife is 58 and retired and she has her own self-managed super fund, where she has rolled over her super funds from various employers. She plans to start her SMSF pension soon. After starting her pension, could she also start another SMSF fund?A person can … [Read more...]

SMSF administration: Are there problems dealing with online trust deed providers?

Q: Thanks for the super site – it has been very useful for me as a trustee of my family SMSF. I have also bought your book, DIY Super for Dummies, which has been very informative and explained many issue in plain English. My question relates to updating the trust deed. I have looked at several … [Read more...]

SMSFs: Is DIY super right for you?

Running your own super fund is not necessarily a difficult task but you need to keep your wits about you. You may hear a lot a noise about DIY super, and sometimes from people who know nothing about super. Your best defence against bad advice is to start with your own research.The term, DIY … [Read more...]

SMSF basics: Trish’s 10 commandments of DIY super

If you’re running a self-managed super fund (SMSF), then you’re obviously aware that being a SMSF trustee/member is a very different experience to belonging to a large super fund. In a large super fund, someone else looks after your superannuation benefits. As a SMSF trustee, you make all of the … [Read more...]

SMSF basics: Updating SMSF trust deeds

Q: I (my wife & I) have had a self-managed super fund (SMSF) since 1996. As rules concerning super pensions etc have changed since the date of my deed, can we simply sign a current, new, trust deed to make it effective for our requirements, or do I need to amend the relevant clauses in the old … [Read more...]