Читать книгу DIY Super For Dummies - Power Trish, Trish Power - Страница 2

T he past few years have been extraordinary in terms of economic downturns, volatile investment markets, and the ensuing bumpy ride endured by investors, including DIY super fund trustees.

Throughout this time, hundreds of thousands of DIY super fund trustees have been investing super money in these volatile markets, and continuing to look after the needs of fund members.

In June 2014, when I began work on DIY Super For Dummies, 3rd Australian Edition, the investment markets were rebounding from a torrid few years, although by the time I finished writing this book several months later, the investment markets were again a little bumpy.

More seriously, in mid-2007, when I first met my publisher to discuss writing the first edition of DIY Super For Dummies, the world’s investment markets were booming and Australia was enjoying an extended wave of economic growth. The super laws had just been changed to deliver tax-free super for over-60s and, as a result, the future was looking very bright indeed for Australia’s retirees.

In October 2008, less than 18 months later, when I actually started writing the first edition of DIY Super For Dummies, the world’s investment markets had imploded, and the international community was facing what has become known in Australia as the Global Financial Crisis – GFC (I explain what happened during the GFC in Chapter 14).

While in June 2011, when I began work on the second edition of DIY Super For Dummies, the world’s investment markets had still not fully recovered from the 2008 and 2009 GFC. Throughout 2010 and 2011, the international markets remained jittery about the precarious debt levels of Greece and other countries in Europe and the massive debt levels maintained by the United States.

Fortunately, the investment markets recovered during 2012 and 2013, and for most of 2014, although the investment ride became volatile again in late 2014.

Even when investment markets stagger and fall, or even stall for a couple of years, you still have to save for retirement and invest somewhere and in something. You can do this outside the superannuation system, if you wish; although due to the tax advantages available within super, the more likely scenario is that you’re saving for your retirement via one of the large super funds or via a DIY super fund.

Despite the recent volatile markets (or, perhaps, because of these markets), Australians continue to embrace DIY super funds in significant numbers – more than 32,000 DIY super funds were set up during the 2013–14 year. The number of DIY super funds in operation exceeds half a million, and the number of Australians running DIY super funds has already hit the 1 million mark.

About This Book

DIY Super For Dummies, 3rd Australian Edition, is a plain-English and practical resource for anyone running their own super fund, or considering running their own super fund.

Running your own fund can be an exhilarating ride but the twists and turns that you encounter along the way – for example, the GFC, and the investment markets generally – can sometimes be a challenge. Fortunately, you’ve come to the right place to find out how to face the challenge with confidence by getting the resources you need to be a successful DIY super fund trustee.

Written specifically for DIY super fund trustees, or prospective trustees, you’ll find that DIY Super For Dummies, 3rd Australian Edition, covers the most important super rules and tips you need to know about running your own fund.

DIY super is a specialist area within the super sector because it is a microcosm of the entire sector – involving fund administration, compliance, investment management, tax management and retirement planning.

DIY Super for Dummies, 3rd Australian Edition, is a product of the most common questions and answers that I have been asked about DIY super, reinforced by a plain-English explanation of the super rules applying to DIY super funds.

You can delve into and read the sections that interest you. This book can help you run your DIY super fund, or help you decide whether a DIY super fund is suitable for you, including working out the costs of running a DIY super fund. And if a DIY super fund is right for you, this book then takes you through the steps you need to take to set up a DIY super fund, shows you how to run a DIY super fund, what you need to do to pay a super pension from your fund, and where to go for help. Investing your super monies and retirement planning are big deals, too.

To make delving into the world of DIY superannuation easier for you, this book follows certain conventions:

✔ New terms and important phrases appear in italics, followed by a brief definition of their meaning. Note: You can also turn to the handy glossary for a quick reminder. Check out www.dummies.com/go/diysuperaufd where you can download the glossary for free.

✔ The term ‘DIY super’ is really a nickname – the official term for a DIY super fund is a ‘self-managed super fund (SMSF)’ but because the term ‘DIY super fund’ is so popular, I use ‘SMSF’ and ‘DIY super fund’ interchangeably throughout this book.

✔ The Australian Taxation Office, which is the SMSF regulator, is more commonly known as the ATO so I use ‘ATO’ in most instances throughout the book.

✔ My free website SuperGuide (www.superguide.com.au) is mentioned throughout the book as an up-to-date reference on the DIY super rules, and as a second resource for those who wish to delve into a general super topic in more detail, such as working out how much money you need for retirement, or insurance, or the effect of your super benefits on your Age Pension entitlements (although I cover this topic in this book too).

Foolish Assumptions

If you’re reading this book, I assume that you run your own super fund, or you’re considering running your own fund. I also assume that a few financial advisers and accountants may be flicking through the pages of this book, and even the occasional regulator or politician. Hope you enjoy the read!

You no doubt want a book that provides a warts-and-all look at DIY super, and that gives you the simple facts on the subject in an easy-to-read format. It’s also likely that you don’t want to get bogged down with terminology but you may need to get on top of some super terms, which are clearly explained throughout this book and in the glossary as well. (Jump online to www.dummies.com/go/diysuperaufd to download this book’s glossary for free.)

My final and most important assumption involves the issue of independence. It’s a strong probability that you want an independent view on DIY super, from someone who knows a lot about super but doesn’t make a living from setting up DIY super funds and, significantly, runs her own super fund, which is what this book gives you.

Icons Used in This Book

Everything in this book is worthwhile reading, but some paragraphs jump out at you as an important piece of information to remember or a handy tip to help you with your super.

In the margins of the book, you can find the following icons marking certain paragraphs containing that kind of special information.

Here’s what they mean:

Beware! Watch your step! An ATO Alert icon flags compliance pitfalls or serious legal issues that you need to be aware of when making DIY super decisions. In many cases, the ATO has issued a specific warning or reminder to DIY super trustees on an issue flagged with an ATO Alert.

The internet is a great mate for DIY super trustees. I use this icon when I refer to a website that can give more information on a subject, or has a handy tool that you can use, or can help when you want the latest figures available.

You may be surprised by the number of forms involved in running your own super fund. When you see this icon, you may be given the details of any necessary forms that your super fund needs to complete. Want more information? This icon can also point you in the right direction for more information on a superannuation-related form, or a topic.

The Remember icon prompts you to store important information in your DIY super memory. You may want to circle this information as a memory prompt.

This icon highlights gems of information that can help save you money, time or worry. Sometimes this icon simply notes information that makes you smarter about DIY super.

Interesting DIY super information that puts a few more brain cells to work. You can read and enjoy, or skip and continue on with the chapter. ‘Technical Stuff’ isn’t mandatory reading, but these paragraphs can provide you with a more complete picture.

Beyond the Book

I hope you enjoy DIY Super For Dummies, 3rd Australian Edition, and find it useful when running your self-managed super fund, or considering setting up a SMSF.

This book is a solid base for your DIY super education, and in addition this book comes with some web-based resources that you can access at any time. Check out our free Cheat Sheet at www.dummies.com/cheatsheet/diysuperau where you can refer to handy checklists helping you with retirement planning, superannuation terminology, making super contributions and other information sources.

For complimentary companion articles to this book, you can visit www.dummies.com/extras/diysuperau. And www.dummies.com/go/diysuperaufd to download the glossary for free.

If you’re seeking the latest super thresholds or updated information on changes to the super laws since this book was published, you can access this information by visiting my free website, SuperGuide (www.superguide.com.au).

Where to Go from Here

You’re ready to use DIY Super For Dummies, 3rd Australian Edition. Find what you’re looking for in the Contents at a Glance – a list of all the chapters in the book – or head directly to the Table of Contents, which breaks down the structure of each chapter.

Make DIY Super For Dummies, 3rd Australian Edition work for you. You can open any page and easily find your way around the book. If you’re just beginning your DIY super education, Chapter 1 is an excellent starting point, and read straight through if you like. Alternatively, as a warm-up you can begin with Chapter 3, and discover how much money you need to live a comfortable life in retirement.

If you already run your own super fund, you may be one of the many readers who want to head straight to Part IV, to check that you’re making the most of your fund’s investment opportunities.

And if you’re close to retirement, then Part V can take you through the issues you need to consider when paying a super benefit from your DIY super fund (and if you’re under 60, what you need to do to ensure that your super benefit is tax-free).

The decision is up to you. No matter how you go about reading the information provided here, I hope you enjoy, and also profit by, what you find in this book.