Trustees of DIY Super Funds are prohibited from lending money of the fund, to a member or relative of a member.

The term 'relative' is defined as a

  • parent,
  • brother,
  • sister,
  • uncle,
  • aunt,
  • nephew,
  • niece,
  • lineal descendant or adopted child of the member or his or her spouse, and
  • spouse of any of those persons.

DIY Super Fund bank account should be for bill payments, lodging of initial contributions, rollovers, etc. This account should be used solely for DIY Super Funds superannuation purposes and not for personal purposes of the trustee and members.

If the DIY Super Fund is used for personal purposes the DIY Super Fund could become non-complying and face stiff monetary penalties and significant civil and/or criminal penalties may apply to trustees.

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Universal Consultancy Services
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Phone: (02) 9638 3966 Fax: (02) 9638 3060
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Email: sales@diysuperfund.com.au

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