Self-managed super funds are still growing both in number and in assets. Yet, despite the popularity, the average trustee of an SMSF has only a vague understanding of the difference between those funds and public offer funds, which include retail funds and industry funds. Here, Noel Whittaker clarifies the differences.
This article analyses the cost-effectiveness of SMSFs for small, medium or large fund balances, examining both set-up costs and running costs.
SMSF trustees are legally obliged to have their fund audited by an independent SMSF auditor to ensure their ongoing compliance with Australian super legislation. The ATO can impose a range of penalties for non-compliance, depending on the seriousness of the breach.
Many SMSF investors are in the dark about what are typical SMSF fees, and whether they are paying a fair price for SMSF advice and services.
Self-managed super fund (SMSF) expenses can be tax deductible provided that they comply with Australian taxation legislation.
The SMSF supervisory levy is an annual payment that all SMSFs must pay to the Australian Taxation Office (ATO).
As an SMSF trustee, Dr Bonham is deeply concerned about the proposed changes to the SMSF audit rules, and the ongoing instability for retirees and future retirees.
After the initial shock has worn off, and now that Treasury has released a discussion paper outlining the proposed three-year audit cycle for SMSFs, it is time to consider how the proposed measures (if adopted) will be rolled out, and how these measures will affect both the SMSF sector and the obligations of SMSF trustees.
Depending on who you believe, self-managed superannuation funds range from being the greatest invention of the modern age or the most likely cause of the next financial crisis.