POWERED BY MOMENTUM MEDIA
Cashing in on Class
The degree to which investment self-managed superannuation funds (SMSF) administration has paid dividends has been brought home by the sell-down of Class shares by accountancy-based financial services group, CountPlus.
CountPlus used its annual results announcement to the Australian Securities Exchange (ASX) to reveal the soundness of the decision to launch the SMSF administrator.
“Our investment in Class has been a strong performer for CUP shareholders,” the ASX announcement said.
“The sale proceeds from Class have been used to reduce debt. As at the 30 June, we held 1,122,000 Class shares that have been sold post balance date.
“Having now exited our Class investment position our total cash purchase cost for our Class shareholding was $4,009,000 and we received total cash funds from the sale of our Class shareholding of $15,979,000.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment