Frequently Asked Questions

For how you can obtain the most from your Superannuation, don't forget to visit all of our website sections to assist your DIY Super Pension information gathering and decision making.

Why Should I bother with a DIY Super Fund?

Generally refer to our web site, advantage of DIY Super Fund and DIY Pension Fund's.

• Control choice and flexibility
• Avoiding charges and fees
• Tax planning and tax advantages
• Simple inexpensive structure
• Estate planning
• Possibility of better returns

Is a DIY Super Fund suitable for transferring my Superannuation now I have choice of Funds?

Yes. However this will depend on the amount you have invested in Superannuation. See our web site choice of Funds for existing Superannuation monies and future Superannuation contributions.

Can My Super Fund Lend Monies To My Company?

Yes. There is a 5% limit of the market value of the Fund when the loan is made. It is necessary to pay interest on the loan.

You cannot take a personal loan from the Fund.

I Am Drawing a Pension from My DIY Super Fund Following My Retirement and I Am About To Take another Job

Can my employer pay my complying 9% super into my DIY Super Fund? Yes. Your DIY Super Fund and Pension Fund are governed by the same trust deed and it is simply a Matter of having accumulation super monies and pension monies under the same fund.

Why do I need A Valuation of My Property in the Super Fund Every Few Years?

Accounting rules require a valuation every three years and this is especially applicable to the commencement of pensions and during a pension.

What is required to take over the Auditing and Taxation work of an existing Super or Pension Fund?

In most cases you provide a copy of the last annual financial statements and taxation return. Other information we require is usually

• Copy of Trust Deed and any amendments and other statutory documents.
• Minute book and register including appointments of Trustee and members. Note you may only have minutes rather than a minute book.
• Copy of your investment strategy
• Copy of Australian Taxation Office advice that your Fund is a regulated and or complying Fund.
• Details of all trustees and members
• The CGT (Capital Gains Tax) history of all assets (acquisition dates and prices)
• Full member balance details include undeducted amounts and eligible service commencement dates.
• If you do not have any of this information, it may be with your present DIY Fund administrator (Accountant) and you can obtain it from them. If you prefer, we can write and obtain the information by way of an ethical letter.
• We supply a list of what we require for each year.

I have read your fee structure and am not sure what this fee will be annually as I seem to be outside your guidelines

We discuss this frankly at out free ½ hour interview in person or by phone. We have not found this to be a barrier to you making a decision.

Can we nominate the auditor we want?

Yes, however we charge an extra fee of $110 when an alternative auditor is appointed to cover our additional costs.

How can I work out an Investment Strategy?

• The ATO has a publication on what is required for an investment strategy in their free publication 'DIY Super,It's your money, but not yet',
  see Pension Fund Advantages.
• We cannot prepare your strategy as we are not financial planners, but we can comment on what your strategy should include by referring to the ATO publication.

What should we call our DIY Super Fund?

• Crea & Co prefer something with the name Super in it as everyone then knows the purpose of the Fund. However you do not need to have Super or your own name for your Fund e.g. if your name is Bill and Maria Jones, you could call it:
• Longview Trust, or some other name
• You could call it some special or family name e.g. Maria's maiden name may have been Ruggiero so you may decide to call the Fund Ruggiero Super Fund.
• You do not need to be concerned if someone else in Australia has the same name as your Super Fund, as there is no registration of the name of Super Funds and each new Super Fund gets it own unique Tax File Number and Australian Business Number (ABN). E.g. there could be many Super Funds in Australia called Smith Super Fund.

How long does it take to Rollover my Existing Super Fund Monies to my New Super Fund?

• First of all you need to set up your Super Fund deed and then we obtain a Tax File Number and ABN number for you. The rollover form acquired from where you presently have your Super Fund monies can then be sent to the Fund, so that they can then send the rollover papers and cheque payable to your new DIY Super Fund.
• The length of time taken by Super Fund institutions to do this varies and you should allow between two weeks and two months.  It is proposed that from July 2007, Super Funds will be required by law to take no more than 30 days.

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