Administering Diy Superannuation

Administering DIY superannuation means you must have a good, ongoing investment strategy - something that many people forget about. They think that once their DIY superannuation fund is set up and running they can virtually forget about it until the next time for audit rolls around. Not so - unless you are constantly attending to your investments, you won't get the maximum returns from your DIY superannuation fund.

Since the DIY superannuation fund is there to provide money to live on after retirement, you will want it to perform to the best of its ability - and it won't unless you are there seeing to it all the time. In times of economic uncertainty when the stock market is going up and down like a yo-yo it is even more important to make sure you get good professional advice and implement it whenever necessary. What made good sense to invest in some years ago, may now not be considered the best investment at all.

And remember that your accountant or even a tax agent is not the best person for the job of advising on investments - unless they are also licensed to provide that kind of advice. You may feel that you can see to your own investments, but if you use the services of a professional and things go wrong, you can refer the problem to the Financial Ombudsman Service (FOS) an independent complaints scheme, for satisfaction.

By: Mel C

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Mel writes about DIY Superannuation, DIY Super and other finance topics.