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DIY Super For Dummies, 3rd Australian Edition by Trish Power

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Chapter 7

Simple Steps to SMSF Start-Up

In This Chapter

arrow Delegating key tasks to a service provider

arrow Setting up a DIY super fund in easy steps

arrow Appointing an auditor and other important tasks

arrow Redirecting your employer’s contributions to your DIY super fund

‘D o you mean that I have to complete all of this paperwork?’ is an occasional response to the reality of setting up a self-managed super fund (SMSF). You may be surprised (or not) to learn that the interest in DIY super from some individuals wanes when faced with the prospect of actually making it happen. A common response from such individuals is: ‘Setting up a DIY super fund seems so complicated’, or ‘It seems too difficult for me to do’.

Not so! Setting up a DIY super fund can be fiddly, but certainly not difficult. Realistically, you can be running your super fund within two or three weeks of making the decision to set up a SMSF.

Even when you delegate the set-up task to a SMSF service provider, you need to be aware of the steps involved in setting up your super fund. You’re the fund trustee and responsible for everything to ...

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