Chris's Blogs
Is an SMSF for me?
As an accountant I get asked this question quite often, and when I say it depends you get that look. As if to say oh yeah you want some money first. But its not about covering my hourly rate, but rather about understanding your needs before giving the advice.
It really does depend on the person or person’s, SMSF’s are much more complex than most SMSF trustees realise. The ATO are making them more complex or should I say becoming stricter for the rules
. As of June 2010, according to the ATO there are around 425,000 SMSFs, they control some $387 billion in assets. This accounts for a little over 31% of all the funds in superannuation. So you can understand why the ATO is taking more interest in this sector.
So to the question should I have a SMSF, do you;
- Have over $150k in super, or
- do you plan to contribute to your super over the next 2 years, so you will have over $150k?
- Do you understand it is not your money?
- Can you accept there are very strict rules as to what you can do with the money in the Fund?
- Are you disciplined in your actions with money, and seek advice when you do not have the appropriate knowledge yourself?
If you answer yes to all these questions then the answer is maybe.
My first blog
Hi everyone this is my first of many blogs. In the months to come we will use the blogs on our site to keep you up to date on many things business and tax, and some things of interest. I hope you find it informative and useful.
But to start I would just like to say merry Christmas and a Happy New Year to all and we are looking forward to working with you in the New Year.
Our office will be closed for Christmas from 12pm on the 23rd, and open again on the 3rd of January.