ASIC SMSF fact sheet “misleading”, BGL analysis finds

Software maker BGL has challenged data in ASIC’s fact sheet sent to new SMSF trustees, finding the annual cost of running an SMSF is much lower. Last year ASIC announced it would be trailing sending a fact sheet to new SMSF trustees. This fact sheet included a number of warnings, including that “generally, balances under… Continue reading ASIC SMSF fact sheet “misleading”, BGL analysis finds

MP asks ATO to confirm fact sheet figure of $13,900 to run an SMSF

Liberal MP Tim Wilson has written to the ATO Commissioner, asking for clarification on the $13,900 annual cost of an SMSF figure used by ASIC in its warning fact sheets to new SMSF trustees. ASIC announced that it would be trialing sending fact sheets about SMSFs to new trustees in November. Several of the facts… Continue reading MP asks ATO to confirm fact sheet figure of $13,900 to run an SMSF

New ASIC SMSF fact sheet “lacks balance”: SMSFA

ASIC has announced that it will be piloting sending a fact sheet to new SMSF trustees in November. The factsheet – called Self-Managed Super Funds: Are they for you? – has proved controversial in the SMSF sector, with the SMSF Association now questioning if it is balanced. The SMSF Association says the letter is a… Continue reading New ASIC SMSF fact sheet “lacks balance”: SMSFA

ASIC concerned consumers unaware of downsides of SMSFs

ASIC is concerned that consumers looking to start an SMSF are very aware of the advantages but not the downsides, and plans to send information to new trustees. ASIC warned people considering starting an SMSF to be aware of the potential downsides, and that for many Australians an SMSF is “inappropriate for their circumstances”. ASIC… Continue reading ASIC concerned consumers unaware of downsides of SMSFs