Book Reviews » DIY super for dummies

Author: POWER, Trish	Publisher: John Wiley & Sons	ISBN: 9781 7421 69439
Location: Brisbane	Price: $39.95	Reviewed by: Brian Cordiner

 

Trish Power is well known and respected throughout the Superannuation industry, especially in the Self Managed Super Fund (acronym SMSF, used interchangeably with the term DIY super) sector having written and commented on this area for over 20 years. Trish runs an independent consumer website for superannuation newcomers and the more experienced - www.superguide.com.au.

As with most “for Dummies” publications, her book is well laid out and easy to navigate. It follows the logical progression of: the fundamentals and “is DIY super for you”; through to the rules and regulations associated with setting up an SMSF; the many considerations necessary to effectively manage your SMSF; and finishing with the considerations and methods to access the benefits of your SMSF.

Trish comprehensively covers the topic with lots of useful references and practical examples so that almost anyone would be able to consider their situation and ascertain whether this path is right for them. Once an SMSF has been chosen as the preferred path you would be able to start up and then run your own SMSF using this publication as your “Bible”.

Trish is very thorough in her coverage of the topic and the substantial number of issues that need to be considered and references the penalties the ATO imposes if you don’t get it right! She explains the intricacies of the required investment strategy and compares the traps and pitfalls in running your own investments or choosing to utilise the services of the many professionals eager to relieve you of some or all of that burden (as well as the fees to do so).

The last two chapters summarise her approach:

• “Ten Special Features of DIY Super”; and
• “Ten Commandments of DIY Super”

Two things I did find a little annoying with this book are - that some comments are repeated several times in different chapters and there are almost constant references to other publications by this author.
 
A word of caution (as for all publications in this area) is that superannuation appears to have been regularly changing recently (the government seems to be constantly “tweaking” the rules each budget time) and may well do so in the future, so any changes to the rules and regulations will have to be checked before starting or continuing on the SMSF route.

Brian Cordiner is a member of the AIA.

 

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