ANZ Superannuation The Value of Advice Super Speak Contact us
DIY Super

DIY Super Running your own 'do-it-yourself' super fund can be rewarding but before you start your own fund, also referred to as a Self Managed Superannuation Fund (SMSF), it's important that you understand what you're getting yourself into.

Is DIY Super right for you?

A DIY super fund is a small super fund with less than 5 members. It allows members to decide where and how to invest their super money – which means you really need to know what you are doing. The costs involved in running DIY funds can vary greatly, and generally they are considered more appropriate for those who have significant cash and assets to invest in super – around $200,000 or more as a guide.

When you sign up to be a member of your fund, you'll also become a trustee of your own fund. This means you're legally responsible for the fund. And that's where things can start to get complicated, with legal compliance, auditing and investment strategy issues all of your responsibility. So starting a DIY super fund can require a substantial time commitment and/or the assistance of various superannuation professionals; including accountants, auditors, administrators, lawyers and investment advisers.

Get expert advice

Whatever your preference, it is important that you seek appropriate advice, from a financial professional such as an ANZ Financial Planner. This can help you make the decision about whether a DIY super fund is right for you. It can also help you work out and manage an investment strategy and importantly, what you need to do and your ongoing responsibilities as the fund's trustee. If you have the time to administer your own fund and want to take advantage of managing your own investments, a DIY super fund may be just the thing for you.

Tip: An ANZ Financial Planner can help you make sure you are not exposing your money to too much risk and advise how much money you need to put into your fund each year to help you reach your retirement goals.