ASIC’s latest media release asks us to all question carefully if Self-Managed Super Funds (SMSFs) are right for us. SMSFs have been the flavour of the month for some time now however it is important to be aware of their pros and cons, as with everything. SMSFs can be great for some and not so great for others! Consider carefully the costs, the size of your super balance, how involved you want to be in choosing and managing your own superannuation investments, and the time, responsibility and obligations involved in doing a good job on managing your well-earned retirement savings. Also be aware of the penalties and costs, if not done right! ASIC are already ‘red-flagging’ issues with existing SMSFs and making contact directly with Trustees as we speak. Make sure this doesn’t happen to you!
FILE COURTESY OF AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION