What is DIY Superannuation?
Like other superannuation funds, self-managed (or DIY) super funds are a way of saving for your retirement.
DIY Superannuation is complex, but to put it into simple terms – it is a pool of assets such as cash, shares, property, that you have complete control over. Decisions on what investments to make, when to make them and where to make them are yours, as opposed to being made by your Superannuation company.
For example, you could choose to invest in property, or a piece of art. But don’t think this means you can dash out and buy yourself that lovely little beach house for the weekends. For the purpose of DIY superannuation, you (and the other trustees) may not use these investments for personal enjoyment.
Who Should Consider a DIY Superannuation Fund?
Self-managed super funds can be suitable for people with a lot of super and extensive skills in financial and legal matters. Strict rules by the Australian Tax Office (ATO) regulate private super funds, and super funds must be tracked and managed regularly.
Managing a DIY Superannuation fund
DIY Super fund’s must adhere to various investment and tax laws and legislative requirements, so appointing a financial adviser to help you manage your fund is very important. For example Perpetual can offer you help with establishing a DIY fund, offer ongoing advice, management and administration of your fund, provide information on suitable strategies, investments, capital tax gains and more, leaving you with the hands on control of your retirement money, without the headache.
For more information on DIY Superannuation (or Self Managed Super funds) you can contact the Australian Tax Office, or call Perpetual on 1800 631 381