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  • Luis C

ASIC Factsheet for SMSF - White noise?

Updated: Dec 16, 2019

Thanks ASIC for being so helpful and contributing to all the white noise that current & prospective #SMSF trustees have to endure (where's the sarcastic emoticon?). Their 'fact sheet' is attached to this post.


I understand their intent. Really I do. Or at least I think I do.


But what's with their quoted $13,900 per year to run an SMSF? Don't even get me started on taking 'over 100 hours a year to run an SMSF' or the 'property can be a risky investment' quote - which I don't disagree with, but NOT just when an SMSF is used to purchase a property.


In my mind, they should have used a median figure. Not an average cost.


On top of this, they seem to suggest that this figure ($13,900) includes 3 different types of services. For administration, tax return, annual financial statement. Personally, I think they're not separate things. I think ASIC were struggling to come up with relevant bullet points there.


Also, it irks me that they quote these 'facts' without objectively including what may be some of the benefits of having an SMSF.


I guess to find out the benefits, you would have to 'speak to your financial adviser'. But I'm wondering, would that be before OR after tearing them apart for recommending an SMSF for you???




#accountingandaccountants #financialplanning

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