Most accountants and financial advisers would be prepared to establish a Self-Managed Superannuation Fund (SMSF) with as little as $100,000 to $200,000, according to a survey conducted by Super Review's sister publication, Money Management.
The survey, sponsored by Australian Unity Personal Financial Services and conducted during the recent SMSF Association national conference in Melbourne, suggests planners and accountants giving advice in the SMSF sector do not necessarily adhere to the convention that the minimum account balance should be closer to $300,000 to justify establishment of an SMSF.
Asked what they regarded as being the minimum Funds Under Management necessary to establish and SMSF, 51 per cent of respondents cited $100,000 and $200,000, with 21.4 per cent citing the lower figure.
This compared to 14.2 per cent who cited $300,000, 14.2 per cent who cited $400,000 and the just 10 per cent who cited $500,000.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
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