Who Can Set Up A DIY Superannuation Fund And The Making Of Superannuation Contributions

1. Virtually anyone between the age of 18 and 65 and possibly to 75 can set up a DIY Superannuation Fund. From the 1st July 2004, there is no requirement to be working until 65 years of age to make superannuation contributions.
2. After the age of 65, there is a work related test, 40 hours under 30 continuous days in any year or 280 hours in a year. concessional and non concessional personal contributions can be made between 65 and 70.
3. Who can set up a DIY Superannuation Fund
   1. Individuals as in '1' or '2'. Individuals can be employees, investors, unemployed or in business.
   2. Employers for employees Employers include Companies, Trusts, Partnerships, Non-profit Organisations, Sole Traders, Super Funds for their employees.
4. Who can superannuation contributions be made for?
   1. Employers for employees. These contributions are normally concessional (tax deductible) to the employer.
   2. Individuals for their spouses or the Individual. Within certain rules these contributions may be concessional tax deductible, or non concessional personal.
5. Limit of 4 members in a DIY Super Fund, who must all be trustees.
6. Usually you and your family are members as well as trustees of the Fund. You may employ administrators, accountants and investment advisors to help you run your Fund.

* See summary of fees for details on setting up your DIY Super/ Pension Fund

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