Advice On Investing In A DIY Super Fund
A DIY Super (which is also known as a self managed super fund or SMSF) is a good way of saving for your retirement. The advantages of having a DIY Super are:
Investment Choice: There is a wide range of investments to choose from and it is up to you which you invest in and how much you invest in each. Few other types of funds provide as choice as a DIY Super.
Low Taxation: Tax concessions are available for DIY Supers, which means that the government takes as little of your hard earned money as possible. This can amount to significant savings over the course of the fund.
Control: An important factor to consider with these types of funds is control. With a DIY super you have the ability to not only choose where and how funds are invested but also you have the benefits of being able to modify your investments based on the rapidly changing economic climate.
So, you are thinking about investing in a DIY Super? Then remember these important points…
- Each representative of every fund must be a trustee - It is your responsibility to ensure that the fund complies with the regulations
- For the length of the fund, you must keep track of all paperwork including receipts, statements and records
Though a DIY Super is ultimately the responsibility of those who are members of it (i.e. those who are investing), help can be sought from independent financial advisors. There are many professionals offering DIY super services, so you will not have any problems finding one, but some are much better at what they do than others. When deciding to invest in a DIY Super, you must be 100% sure of some basic points. Namely, who you will be investing with (who are the members), what are the rules and regulations you need to conform to, what will you be investing in initially and whether or not you will be using a financial advisor to aid the growth of your fund.
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