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Becoming a DIY super trustee is all about steering your own super CART; that is, C-A-R-T – looking after your fund’s Compliance, Administration, Reporting and Tax management responsibilities.

CART is a term that I coined to help you, as a DIY super trustee, grasp the less glamorous aspects of running your own fund, namely:

✔ Creating a compliance culture: Get it right from the start. The superannuation rules create enormous opportunities without the need to put your retirement savings at risk by breaking those rules. I explain how you can set up a DIY super fund the right way in the chapters in Part II of this book, while in Chapter 11, I take you through the main areas of super compliance, including what I call the ATO’s seven deadly sins of DIY super.

✔ Getting active on administration: The biggest decision you need to make in terms of administration is whether you do it yourself or you delegate this task (but not the responsibility) to a professional administrator. In Chapter 10, I take you through what you need to consider when making such a decision, as well as what tasks are involved when administering a DIY super fund.

✔ Rigorous reporting reaps rewards: Are you punctual and particular with details? You need to possess both these traits as a DIY super trustee. Alternatively, you can appoint a service provider who can perform the reporting role for you. In Chapter 12, I explain the accounting records you need to keep, and what returns and forms you must lodge with the ATO. I also explain the important role performed by your fund’s auditor.

✔ Entering a tax-friendly world: Without doubt, the headline in super is ‘tax-free super for over-60s’, but that benefit isn’t the only good news on the tax front. I explain tax-friendly super contributions in Chapter 4, investing and super tax in Chapter 18, and super’s tax goodies in Chapter 13.

If you set up your fund properly (see Part II) and if you steer your CART in the right direction (see Part III), you can really enjoy your DIY super fund. You can then focus your attention on your fund’s investments (see Part IV).