WHO CAN PARTICIPATE IN DIY SUPERANNUATION?
A SMSF can be set up by;
- A single person
- Family members (less than 5)
- Up to four individuals, provided that they are not employees of another member of the fund.
There are three basic steps that need to be followed in order to set up a DIY superannuation fund.
1. Decide which type of structure will be used (corporate or individual).
2. Prepare the trust deed and have it executed have it executed by the relevant parties.
3. Arrange for members to be admitted to the fund and respective contributions to be made.
The trust must then appoint a trustee.
To view the rules and regulations relating to DIY superannuation click here.
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