Book review: Keep It Super Simple

Superannuation and taxation experts Smith and Koken have joined forces to put together Keep it super simple, a handy book which explains what you need to consider before setting up an SMSF, right through to closing it down.

But before you take control of your own financial destiny, you need to ask the question...is a self-managed super fund for you?

The first chapter of the book addresses this question. Chapter two and beyond is for those who have decided to go ahead and set up a SMSF or for those who already have one.

Smith and Koken take you through the whole business of setting up a SMSF, breaking the book down into three parts. Part I looks at how to get started, from appointing trustees to contributions and rollovers.

Part II looks at investment choices such as interest-bearing investments, shares, real estate and other types of investments such as a CFDs and commodities.

Part III addresses how to manage your fund as well as cashing out your super.

Smith and Koken discuss their approach to administration and paperwork, cash flow, tax and insurance as well as retaining tax concessions.

The final chapters discuss how and when you can take your super as well as traps you need to be aware of.

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