9 steps you need to follow
So you’ve decided to join more than one million Aussies with a self-managed super fund (SMSF). Congratulations!
Having your own SMSF can be a personally and financially rewarding experience, provided you’re sure DIY is right for you and your fund is set up correctly from the get-go.
Attention to detail now will avoid penalties and save you time in the long run.
It’s also worth remembering that SMSFs must be set up correctly to be eligible for the tax concessions that super legislation provides. Member contributions and fund earnings are taxed at the concessional super rate of 15% in Australia (up to certain contribution limits). You may pay an additional 15% tax if your annual income and concessional…
