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DIY Super For Dummies, 3rd Australian Edition by Trish Power

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Part II

Setting Up a DIYSuper Fund

tip.png Five Tips before Starting Your SMSF Show

check.png Chat to an expert: A DIY super fund is not for everyone. You need to ensure that setting up a SMSF is appropriate for your financial and personal circumstances, and more importantly, that you’re suited to running your own fund.

check.png Do your super sums: Running a SMSF costs money and some costs are fixed regardless of the size of your super account. At the least you have to pay for a fund auditor, an annual levy to the ATO and pay investment transaction costs. If you plan to hire someone to help you run your SMSF, then you need to budget for this cost too.

check.png Talk to your employer: For most Australians, the primary contributor to any super account is an employer, unless you’re self-employed. Before you start the SMSF set-up process, chat to your employer about your plans and ensure that you submit all the necessary paperwork to enable employer super contributions to be redirected to your SMSF.

check.png Decide on a super contributions ...

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