Things To Look Out For With Diy Super

Once DIY super was not even considered amongst most people, but with the rise in standards of education and wages, DIY super is something that almost anyone can learn to do. That's not to say everyone should suddenly take their savings out of their normal super fund and start up their own. DIY super is not as easy as it sounds. You need plenty of time and a high motivation to stick with it to make DIY super successful. You also need enough money - a minimum of $200,000 according to the experts.

This figure is one that can be argued about depending on whether you actually do want to set up a DIT super fund badly, or not. Some would have us believe that it can be done with much less and still not cost the earth in terms of fees percentages etc. However, the fact remains that the ATO will be suspicious of DIY super funds that have less than that in them, because it is often a sign that something underhand - namely, early access - could be planned.

Even if you are the most honest person in the universe, DIY super is not exactly an easy task. Not only do you need to set it up properly and within legal parameters, but you also need to administer it correctly to get a decent return.

By: Mel C

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