With all the new tax changes, is it time to start an SMSF?
The recent tax changes may make self-managed superannuation funds (SMSFs) more attractive, but potential challenges remain. Setting up an SMSF can be costly, with initial and ongoing expenses that may equal those of traditional funds. Individuals must weigh the benefits of control against the responsibilities and risks involved in managing their own superannuation.
- ▪The cost to set up an SMSF is typically around $4,000, with similar annual costs for tax returns and audits.
- ▪Most SMSF holders also engage financial planners, which can add $7,000 to $10,000 annually for balances around $1 million.
- ▪DIY management of an SMSF can be cheaper but requires significant effort and knowledge.
Opening excerpt (first ~120 words) tap to expand
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.